DUBLIN--(BUSINESS WIRE)--The "Global Unmanned Underwater Vehicles Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The unmanned underwater vehicles market is poised to grow by $2.40 bn during 2022-2026, accelerating at a CAGR of 14.2% during the forecast period. This report on the unmanned underwater vehicles market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

This report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing demand for stealth platforms, increasing investment in maritime surveillance capabilities, and predisposition for the deployment of UUVs.

The unmanned underwater vehicles market analysis includes type segment and geographic landscape.

The publisher's unmanned underwater vehicles market is segmented as below:

By Type

• Remotely Operated
• Autonomous Underwater

By Geographical Landscape

• North America
• Europe
• APAC
• South America
• Middle East and Africa

This study identifies the growing investments in undersea warfare capabilities as one of the prime reasons driving the unmanned underwater vehicles market growth during the next few years. Also, the emergence of 3D printing and composite materials and the advancement of electromagnetic and acoustic sensor technologies will lead to sizable demand in the market.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. This report on the unmanned underwater vehicles market covers the following areas:

• Unmanned underwater vehicles market sizing
• Unmanned underwater vehicles market forecast
• Unmanned underwater vehicles market industry analysis

Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Vehicle Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

Companies Mentioned

• BAE Systems Plc
• BaltRobotics Sp.z.o.o.
• Cellula Robotics Ltd.
• Copenhagen Subsea AS
• Fugro NV
• GABRI S.R.L
• General Dynamics Corp.
• Graal Tech Srl
• Groupe Gorge SA
• Hydromea SA
• International Submarine Engineering Ltd.
• Kongsberg Gruppen ASA
• L3Harris Technologies Inc.
• Lockheed Martin Corp.
• RTSYS
• Subsea 7 SA
• TechnipFMC plc
• Teledyne Technologies Inc.
• The Boeing Co.
• thyssenkrupp AG

For more information about this report visit https://www.researchandmarkets.com/r/55ybsf

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

SAN RAMON, Calif. & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced today it signed a definitive agreement to acquire full ownership of Beyond6, LLC (B6) and its network of 55 compressed natural gas (CNG) stations across the United States from Chevron’s current B6 co-owners, a subsidiary of Mercuria Energy Trading (Mercuria) and B6 CEO Andrew West.

Chevron is complementing the strength of its traditional products business with new offerings that help customers support a lower carbon future, and renewable natural gas is an essential part of its portfolio of solutions. Through collaborations with Brightmark LLC and California Bioenergy LLC, Chevron is developing projects across the United States designed to convert fugitive methane emissions from dairies to a beneficial use as renewable natural gas, which can be considered carbon negative on a lifecycle basis under California’s Low Carbon Fuel Standard. With this acquisition, Chevron can market the RNG it either produces or procures through a nationwide network of CNG locations.

"Chevron has seen strong demand for our RNG-to-CNG fuel offering from new and existing customers," said Andy Walz, Chevron's president of Americas Products. "Because of its carbon negative attribute and the ability of fleet operators to efficiently adapt vehicles to run on CNG, renewable natural gas can be a lower carbon solution for fleets seeking to reduce their lifecycle greenhouse gas emissions."

Mercuria and Chevron will enter into a long-term supply relationship to deliver renewable natural gas to Chevron as part of the transaction.

"B6 represents a best-in-class operator in the build-out of a renewable natural gas network, and Mercuria has been excited to help the company grow from a stand-alone business to one that can help drive growth under Chevron," said Brian A. Falik, Mercuria's chief investment officer. "The partnership with Chevron has been a great success, and we look forward to helping them supply renewable fueling solutions to their customers."

The transaction is subject to customary closing conditions.

About Chevron

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About Mercuria

Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, Mercuria has become one of the most active players in the energy and renewables markets. Over the next five years, the company will direct half of its investment towards the energy transition. For more information, visit www.mercuria.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Tyler Kruzich, Chevron
External Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
t. (925) 549-8686

Matthew Lauer, Mercuria
Public Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
t. (703) 463-1841

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--OPAL Fuels Inc. (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas, today announced that it has commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants to purchase shares of Class A common stock of the Company, par value $0.0001 per share (the “Class A common stock”), which warrants trade on The Nasdaq Capital Market under the symbol “OPALW” (the “public warrants”), and (ii) private placement warrants to purchase shares of Class A common stock (the “private placement warrants” and, together with the public warrants, the “warrants”). The purpose of the Offer and Consent Solicitation is to simplify the Company’s capital structure and reduce the potential dilutive impact of the warrants, thereby providing the Company with more flexibility for financing its operations in the future.

Exchange Offer and Consent Solicitation Relating to Warrants

The Company is offering to all holders of the warrants the opportunity to receive 0.250 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 3,861,623 shares of its Class A common stock in exchange for the warrants.

Concurrently with the Offer, the Company is also soliciting consents from holders of the warrants to amend the warrant agreement that governs all of the warrants (the “Warrant Agreement”) to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for 0.225 shares of Class A common stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the terms of the Warrant Agreement, all except certain specified modifications or amendments require the vote or written consent of holders of at least 65% of each of the outstanding public warrants and the outstanding private placement warrants. Parties representing approximately 53.30% of the outstanding public warrants and approximately 100% of the outstanding private placement warrants have agreed to tender their public warrants and private placement warrants (as applicable) in the Offer and to consent to the Warrant Amendment in the Consent Solicitation, pursuant to a tender and support agreement. Accordingly, if holders of an additional approximately 11.70% of our outstanding public warrants consent to the Warrant Amendment in the Consent Solicitation, and the other conditions of the Offer are satisfied or waived, then the Warrant Amendment will be adopted. The offering period will continue until 11:59 p.m., Eastern Time, on December 16, 2022, or such later time and date to which the Company may extend (the “Expiration Date”), as described in the Company’s Schedule TO and Prospectus/Offer to Exchange (each as defined below). Tendered warrants may be withdrawn by holders at any time prior to the Expiration Date.

The Offer and Consent Solicitation are being made pursuant to a prospectus/offer to exchange, dated November 18, 2022 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated November 18, 2022 (the “Schedule TO”), each of which have been filed with the U.S. Securities and Exchange Commission (the “SEC”) and more fully set forth the terms and conditions of the Offer and Consent Solicitation.

The Company’s Class A common stock and public warrants are listed on The Nasdaq Capital Market under the symbols “OPAL” and “OPALW,” respectively. As of November 17, 2022, there were (i) 25,671,390 shares of Class A common stock outstanding, (ii) 144,399,037 shares of the Company’s Class D common stock, par value of $0.0001 per share, outstanding, and (iii) a total of 15,446,494 warrants outstanding, consisting of 6,223,233 public warrants and 9,223,261 private placement warrants. Assuming all warrant holders tender their warrants for exchange in the Offer, the Company would expect to issue up to 3,861,623 shares of Class A common stock, resulting in 29,533,013 shares of Class A common stock outstanding (an increase of approximately 15.0% of total Class A common stock outstanding and an increase of approximately 2.3% in total issued share capital), and no public or private placement warrants outstanding.

The Company has engaged BofA Securities as the dealer manager for the Offer and Consent Solicitation (the “Dealer Manager”). Any questions or requests for assistance concerning the Offer and Consent Solicitation may be directed to BofA Securities at:

BofA Securities
NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Attn: Prospectus Department
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

D.F. King & Co., Inc. has been appointed as the information agent for the Offer and Consent Solicitation (the “Information Agent”), and Continental Stock Transfer & Trust Company has been appointed as the exchange agent (the “Exchange Agent”).

Important Additional Information Has Been Filed with the SEC

Copies of the Schedule TO and Prospectus/Offer to Exchange will be available free of charge at the website of the SEC at www.sec.gov. Requests for documents may also be directed to the Information Agent at (800) 549-6864 (for warrant holders) or (212) 269-5550 (for banks and brokers) or via the following email address: This email address is being protected from spambots. You need JavaScript enabled to view it.. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the warrants or an offer to sell or a solicitation of an offer to buy any shares of Class A common stock in any state in which such offer, solicitation, or sale would be unlawful before registration or qualification under the laws of any such state. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange.

Holders of the warrants are urged to read the Schedule TO and Prospectus/Offer to Exchange carefully before making any decision with respect to the Offer and Consent Solicitation because they contain important information, including the various terms of, and conditions to, the Offer and Consent Solicitation.

None of the Company, any of its management or its board of directors, or the Information Agent, the Exchange Agent, or the Dealer Manager makes any recommendation as to whether or not holders of warrants should tender warrants for exchange in the Offer or consent to the Warrant Amendment in the Consent Solicitation.

About OPAL Fuels Inc.

OPAL Fuels Inc. (Nasdaq: OPAL) is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (“RNG”) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing fuel costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. The Company also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, OPAL Fuels delivers complete renewable solutions to customers and production partners.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company’s”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s quarterly report on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Media
Jason Stewart
Senior Director Public Relations & Marketing
914-421-5336
This email address is being protected from spambots. You need JavaScript enabled to view it.

ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Todd Firestone
Vice President Investor Relations & Corporate Development
914-705-4001
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, representing an increase of 20% from its previous quarterly dividend of $0.15 per share as part of its ongoing quarterly dividend program. The dividend is payable on January 20, 2023 to stockholders of record as of the close of business on January 4, 2023.

“The increase in our quarterly dividend reaffirms our long-term plan to return substantially all available cash flow to stockholders, including by raising our dividend per share by double digits annually,” said Troy Rudd, AECOM’s chief executive officer. “The strength of our balance sheet, growth strategy and consistently strong performance allowed us to return nearly $500 million to stockholders through share repurchases and dividends in fiscal 2022 as we continue to maximize value for shareholders.”

About AECOM 
AECOM 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.

Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
213.996.2367
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
213.593.8208
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Gravel Pack: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Gravel Pack Market to Reach $1.1 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Gravel Pack estimated at US$778.5 Million in the year 2020, is projected to reach a revised size of US$1.1 Billion by 2027, growing at a CAGR of 5.4% over the analysis period 2020-2027.

Onshore, one of the segments analyzed in the report, is projected to record 5.7% CAGR and reach US$691.1 Million by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Offshore segment is readjusted to a revised 5.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $212.1 Million, While China is Forecast to Grow at 8.1% CAGR

The Gravel Pack market in the U.S. is estimated at US$212.1 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$225.3 Million by the year 2027 trailing a CAGR of 8.1% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

What's New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and Research Platform
• Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession
• Gravel Pack - Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS (Total 33 Featured)

• Andmir Group
• Anton Oilfield Services
• Baker Hughes Company
• China Oilfield Services
• Halliburton
• Katt GmbH
• Kerui Petroleum
• Middle East Oilfield Services
• Mitchell Industries
• Oil States International
• RGL Reservoir Management
• Sazoil
• Schlumberger
• Shenzhen Max-Well Oilfield Services Ltd.
• Siao Petroleo
• Superior Energy Services
• Tendeka
• Variperm
• Weatherford
• Zamam Offshore Services Limited

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/qzs6zw

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--$CHRW #CHRobinson--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) announced that its Board of Directors today declared an increase to its regular quarterly cash dividend to 61 cents ($0.61) per share from 55 cents ($0.55) per share, payable on January 3, 2023, to shareholders of record on December 2, 2022.

C.H. Robinson has distributed uninterrupted dividends without decline for more than twenty years. As of November 16, 2022, there were approximately 116,457,591 shares outstanding.

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $28 billion in freight under management and 20 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 100,000 customers and 85,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

CHRW-IR

Chuck Ives, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global Submarine Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The submarine market is poised to grow by $8.24 bn during 2022-2026, accelerating at a CAGR of 5.36% during the forecast period. This report on the submarine market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

This report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by growing arms race among countries.

The submarine market analysis includes the type segment and geographic landscape.

The publisher's submarine market is segmented as below:

By Type

• SSN
• SSBN
• SSK

By Geographical Landscape

• North America
• APAC
• Europe
• South America
• Middle East and Africa

This study identifies the multi-mission submarines as one of the prime reasons driving the submarine market growth during the next few years. Also, collaborative programs and the integration of lithium-ion (Li-ion) batteries will lead to sizable demand in the market.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. This report on the submarine market covers the following areas:

• Submarine market sizing
• Submarine market forecast
• Submarine market industry analysis

Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

Companies Mentioned

• ASC Pty Ltd.
• BAE Systems Plc
• China Shipbuilding Industry Corp.
• DSME Co. Ltd.
• Fincantieri Spa
• General Dynamics Corp.
• Huntington Ingalls Industries Inc.
• Hyundai Heavy Industries Co. Ltd.
• Kawasaki Heavy Industries Ltd.
• Larsen and Toubro Ltd.
• Lockheed Martin Corp.
• Mazagon Dock Shipbuilders
• Mitsubishi Heavy Industries Ltd.
• Naval Group
• Navantia SA
• Raytheon Technologies Corp.
• Saab AB
• The Boeing Co.
• thyssenkrupp AG
• United Shipbuilding Corp.

For more information about this report visit https://www.researchandmarkets.com/r/bmircf

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T. Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Colin Gouveia to be Appointed President and CEO; Bruce Hoechner to Retire at Year End

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) (“Rogers”) today announced that Bruce D. Hoechner, President and Chief Executive Officer, has decided to retire, effective December 31, 2022. The Rogers Board of Directors plans to appoint Colin Gouveia, Senior Vice President and General Manager of Rogers’ Elastomeric Material Solutions (EMS) business unit, to succeed him. To support a smooth transition process, Mr. Hoechner will remain as a member of the Board of Directors and act in an advisory capacity at the Company until March 31, 2023.

Peter C. Wallace, Rogers’ Board Chair, said, “Bruce has been instrumental in establishing Rogers as a global leader in innovative advanced materials-based solutions used in electric vehicles, ADAS and other fast-growing markets. His efforts have positioned Rogers to deliver long-term growth for our shareholders, employees and other stakeholders. We thank Bruce for his many contributions and steadfast leadership over the past 11 years and wish him all the best in his retirement.”

Mr. Wallace continued, “Colin’s appointment represents the culmination of the Board’s long-term CEO succession planning process. We are thankful to have a proven leader and clear choice for our next CEO in Colin, who brings more than 30 years of experience in the specialty chemical and materials manufacturing industries. Since joining Rogers in 2019, he has provided leadership across the organization and transformed EMS to take full advantage of fast-growing markets like electric vehicles. The Board has tremendous confidence in the Company’s future under Colin’s leadership.”

Mr. Hoechner said, “It has been a privilege to lead Rogers, and I am deeply proud of all that the Company and its employees have accomplished during my tenure. Having worked closely with Colin, I have seen first-hand his strategic leadership, in-depth knowledge of our best-in-class solutions and clear understanding of the market opportunities ahead, not only in EMS, but across all of our global operations. The future for Rogers is bright and I look forward to its continued success."

Mr. Gouveia said, “Rogers is an incredibly special organization, and I am honored to be named its next CEO. I look forward to executing on our proven strategy and building on our track record of innovation and leadership in key markets to accelerate revenue growth and generate value for our shareholders and other stakeholders. With our talented employees across the globe, I am extremely confident in our ability to capitalize on dynamic and fast-moving opportunities. I appreciate the Board’s vote of confidence, as well as Bruce’s ongoing support through this transition. Together, we will work to execute flawlessly for our customers and deliver enhanced value for all our stakeholders.”

About Colin Gouveia

Mr. Gouveia has served as Senior Vice President and General Manager of EMS since June 2019. He leads the EMS business unit, with a focus on driving innovation and growth across the business, enabling Rogers to capitalize on the strength in key markets including EV/HEV, mass transit, portable electronics and general industrial. He brings more than three decades of cross-functional experience in the specialty chemical and materials manufacturing industries. Prior to joining Rogers, he served as Vice President and General Manager of Eastman Chemical’s global Chemical Intermediates business unit, where he created the organizational structure, mission, vision and strategy to drive revenue growth and profitability. He has also held global leadership positions with Dow Chemical Company, The Rohm and Haas Company and Imperial Chemical Industries (ICI). Mr. Gouveia received an M.B.A. from Villanova University, a B.S. in Biology from Norwich University and served as an officer in the U.S. Army for five years.

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.

Safe Harbor Statement

Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Other risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; continuing disruptions to global supply chains and our ability, or the ability of our suppliers, to obtain necessary product components; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, the United Kingdom, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, including the ongoing conflict between Russia and Ukraine, terrorism or public health crises; the impact of sanctions, export controls and other foreign asset or investment restrictions; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation or risks arising from the terminated DuPont Merger; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Media Contacts:
Amy Kweder
Director, Corporate Communications
Phone: 480.203.0058
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Jim Barron/Jared Levy/Leah Polito
FGS Global
Phone: 212.687.8080 / 310.201.2040
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Rogers Investor Contact:
Steve Haymore
Director, Investor Relations
Phone: 480.917.6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Silicon Battery Market Research Report by Capacity, Application, Region - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Silicon Battery Market is projected to grow with a significant CAGR in the forecast period. Economic development and substantial infrastructure development have constituted regional revenue generation. Further, the patterns associated with domestic production, import and export, and consumption have helped market participants to analyze and capitalize on potential opportunities. Besides, the qualitative and quantitative parameters provided in the report with detailed analysis highlights the driving and restraining factors of the Global Silicon Battery Market.

Market Dynamics

Drivers

• High Energy Density Compared to Other Battery Chemistries
• Growing Number of R&D Initiatives by Manufacturers for Improvements in Li-Ion Batteries
• Excellent Features of Silicon-Based Anode Leading to Improved Lithium-Ion Batteries

Restraints

• Volumetric Expansion of Silicon When Lithium is Inserted in Batteries

Opportunities

• Significant Rise in Demand for Electric Vehicles
• Need for High-Performance Batteries in Energy Storage Applications
• Increasing Investments Towards Silicon Anode Battery Production

Challenges

• Poor Cycle Life of Silicon Materials

Market Segmentation & Coverage:

This research report categorizes the Silicon Battery to forecast the revenues and analyze the trends in each of the following sub-markets:

• Based on Capacity, the market was studied across 0-3,000 mAh, 10,000-60,000 mAh, 3,000-10,000 mAh, and 60,000 mAh & Above.
• Based on Application, the market was studied across Automotive & Aviation, Consumer Electronics, Energy, and Medical Devices.
• Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Silicon Battery Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Competitive Scenario:

The Competitive Scenario provides an outlook analysis of the various business growth strategies adopted by the vendors. The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The competitive scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All the news collected help vendor to understand the gaps in the marketplace and competitor's strength and weakness thereby, providing insights to enhance product and service.

Key Topics Covered:

1. Preface

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

6. Silicon Battery Market, by Capacity

7. Silicon Battery Market, by Application

8. Americas Silicon Battery Market

9. Asia-Pacific Silicon Battery Market

10. Europe, Middle East & Africa Silicon Battery Market

11. Competitive Landscape

12. Company Usability Profiles

13. Appendix

Companies Mentioned

• Alpine Electronics
• Amprius Technologies
• BBK Electronics
• California Lithium Battery Inc.
• Cymbet Corporation
• Enevate Corporation
• General Electric
• Group14 Technologies
• Harman International
• Hitachi Chemical Company, Ltd.
• Huawei Technologies Co., Ltd.
• LeydenJar Technologies
• Los Angeles Clean Tech Incubator
• Nanotek Instruments
• Planar Energy Devices, Inc.
• Samsung SDI America Inc.
• Shin-Etsu Chemical Co., Ltd
• Sila Nanotechnologies Inc.
• Targray Technology International
• XG Sciences
• Zeptor Corporation

For more information about this report visit https://www.researchandmarkets.com/r/2mmv9q

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

VALLEY FORGE, Pa.--(BUSINESS WIRE)--#Dividend--The Board of Directors of UGI Corporation (NYSE: UGI) has declared a quarterly dividend of $0.36 per share of the Company’s common stock. The dividend is payable January 1, 2023 to shareholders of record as of December 15, 2022. UGI has paid common dividends for 138 consecutive years and raised its dividend in each of the last 35 years.

UGI’s Board of Directors also declared a quarterly dividend of 0.125% per annum, payable in cash, on the Company’s convertible preferred stock. The dividend is payable December 1, 2022.

About UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, and the Netherlands.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

Ontario mine workers are being exposed to harmful levels of diesel particulate: Ontario’s Occupational Exposure Limit for diesel particulate must change to protect workers’ health

SUDBURY, Ontario--(BUSINESS WIRE)--The United Steelworkers Local 6500 has partnered with the Centre for Research in Occupational Safety and Health (CROSH) at Laurentian University and Occupational Health Clinics for Ontario Workers (OHCOW) to work to change Ontario’s legislation for diesel particulate exposure in mining.

Diesel is a known human carcinogen, as such keeping exposure to a minimum is important. Currently, Ontario has the highest Occupational Exposure Limit (OEL) for diesel particulate in Canada, at 400µg/m³. Ontario mine workers are being exposed to harmful levels of diesel particulate. The USW Diesel Particulate Project is advocating for the Ministry of Labour, Immigration, Training, and Skills Development to change the Mine OEL to 20µg/m³, which is the level recommended by both Carcinogen Exposure Canada (CAREX) and the Occupational Cancer Research Centre.

Ontario lags behind the United States, Europe, and Australia in lowering its Occupational Exposure Limit, even though countries and provinces measure diesel particulate levels in different ways.

“Occupational disease and fatalities are underrecognized,” said This email address is being protected from spambots. You need JavaScript enabled to view it., president of USW Local 6500. “We know that Diesel Particulate can cause lung cancer and we know that miners have higher rates of lung cancer compared to other workers, the Ministry of Labour, Immigration, Training and Skills Development needs to act to lower the OEL for diesel in mining to prevent these work-related fatalities.”

There will be a townhall at the USW Local 6500 Union Hall (66 Brady St, Sudbury, ON) on December 8. Doors open at 6 p.m.; representatives from USW 6500, CROSH, and community volunteers will be available to answer or assist any WSIB requests including documenting exposures. Project and community leaders will give an overview presentation starting at 7 p.m. All are welcome to attend.

USW Local 6500 and CROSH have developed and distributed educational materials to raise awareness about the hazards of exposure to diesel particulate. They are encouraging workers and their family members to fill out WSIB exposure forms on their diesel exposure, with the goal of showing the Ministry of Labour, Immigration, Training and Skills Development the seriousness of this workplace hazard.

USW Local 6500 has representatives standing by via email and phone to answer questions and to help workers fill out the appropriate WSIB forms. Additionally, USW Local 6500 representatives are currently visiting local stores and shopping centres to raise awareness and answer questions from the public.

“I strongly encourage everyone to support the USW Diesel Particulate Project,” said Janice Martell, lead advocate for the McIntyre Powder Project. “Based on the current occupational exposure limit, mine workers can be exposed to 20 times more diesel particulate than the scientifically recommended level. Workers are urged to fill out exposure forms to protect their health.”

Background:

Diesel exhaust is made up of gas and particles. The particles are essentially the ‘soot’ of the exhaust. Diesel particles are small enough to enter the lungs during breathing and the smallest particles are able to get into the deepest parts of the lungs and can then enter the rest of the body. Within hours to days, exposure to high levels of diesel particulate can cause headaches; dizziness; irritation of eyes, nose, and throat; wet cough and phlegm; running nose and allergy symptoms; and asthma attack.

These short-term health risks can impact daily, quality-of-life for workers. Years of diesel particulate exposure can or may cause cancer; cardiovascular disease (CVD); idiopathic pulmonary fibrosis (IPF); chronic obstructive pulmonary disease (COPD)/emphysema; onset of asthma or worsening of asthma and worsening of diabetic comorbidities.

Educational materials and project details are available on the project website: www.dieselparticulateproject.com

The project is supported with funds from the USW Family and Community Education Fund.

About United Steelworkers 6500

United Steelworkers Local 6500 has proudly been representing hourly mine and mining plant workers in the Sudbury Basin for 60 years. The membership includes over 2,500 active members and nearly 6,600 pensioners. In 2020, the local opened a dialogue with Ontarian stakeholders and government officials, about the fatal health hazard of Diesel Particulate in our Ontario Mines. To date, the legislation has not changed.

Project Media Contact:
Sean Staddon, WSIB Worker Representative
USW Local 6500
This email address is being protected from spambots. You need JavaScript enabled to view it.
(705) 675-3381

Issues Fiscal 2023 Guidance

VALLEY FORGE, Pa.--(BUSINESS WIRE)--#Earnings--UGI Corporation (NYSE: UGI) reported financial results for the fiscal year ended September 30, 2022 and provided guidance for fiscal year 2023.

HEADLINES

• GAAP net income of $1,073 million and adjusted net income of $626 million compared to GAAP net income of $1,467 million and adjusted net income of $629 million in the prior year.
• GAAP diluted earnings per share (“EPS”) of $4.97 and adjusted diluted EPS of $2.90 compared to GAAP diluted EPS of $6.92 and adjusted diluted EPS of $2.96 in the prior year.
• Reportable segments earnings before interest expense and income tax¹ ("EBIT") of $1,166 million compared to $1,134 million in the prior year.
• Strong balance sheet with available liquidity of approximately $1.7 billion, inclusive of $398 million in cash collateral received from derivative counterparties.
• Divested of the UK energy marketing business effective October 21, 2022.
• Announced the intent to sell the French energy marketing business, with a targeted closing² in the first quarter of fiscal 2023, and to wind down energy marketing operations in Belgium and the Netherlands³.
• Issued fiscal 2023 adjusted diluted EPS guidance range of $2.85 - $3.15⁴ while reiterating our long-term 6% - 10% EPS growth rate target.

STRATEGIC ACCOMPLISHMENTS

Reliable Earnings Growth:

• Invested a record level of capital ($562 million) and added over 14,000 residential and commercial heating customers at the Utilities
• Successfully concluded a gas base rate case at UGI Utilities comprised of a phased rate increase totaling $49.45 million as well as approval for a weather normalization adjustment mechanism
• Expanded our interest in the Appalachian basin natural gas gathering systems with the Stonehenge and Pennant acquisitions and continued to generate significant fee-based income
• Sustained LPG volumes and margins at UGI International despite 5% warmer weather and a 53% increase in average propane cost in northwest Europe
• Solid national account volumes at AmeriGas

Renewables:

• Made additional strides in our renewables strategy with investments in new RNG projects in South Dakota and New York
• Committed over $300 million to renewable energy projects to date

Rebalance:

• Rebalanced our portfolio with the record performance from our natural gas businesses and continued investments in replacement and betterment, renewables and our midstream capabilities

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, “In fiscal 2022, our reportable segments delivered record EBIT, in aggregate, and the business reported the second highest GAAP and adjusted diluted EPS in its history. This solid financial performance is reflective of our resiliency and the strategic advantages of our diversified business portfolio, amidst a challenging macro-economic environment. We had record earnings in our Utilities and Midstream & Marketing segments, as well as continued strong performance from our LPG business at UGI International, and this helped to mitigate the impact of headwinds faced at AmeriGas and in the European energy marketing business. In fact, without the extreme market conditions that negatively impacted the European energy marketing business, we would have delivered well within our original fiscal 2022 guidance range.

"I am extremely proud of the dedication, flexibility and resiliency of our employees who worked tirelessly to execute against our 3-R strategy this year. Their commitment as we deployed record levels of capital and focused on margin management, expense control and safely serving our customers and communities, each and every day, culminated in these strong fiscal 2022 results. In addition, together our teams made tremendous progress on our ESG commitments and we were pleased to receive a rating upgrade to "AA" in the MSCI ESG rating assessment.

“As we embark on another fiscal year, we are progressing on several strategic priorities to drive growth and manage the current economic conditions in the US and Europe. We view fiscal 2023 as a year where we will be strengthening our platform, with focus on enhancing the performance of AmeriGas to drive long-term EPS and market share growth, as we navigate sustained inflationary pressures. UGI is committed to creating value for its shareholders and we will continue to execute our strategy to achieve the long-term financial commitments of 6 to 10% EPS growth and 4% dividend growth.”

2023 OUTLOOK
UGI provides an adjusted EPS guidance range of $2.85 - $3.15⁴ per diluted share for the fiscal year ending September 30, 2023. This guidance range assumes normal weather, the current tax regime and divestiture of the energy marketing business located in France in the first quarter of fiscal 2023.

EARNINGS CALL and WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2022 earnings and other current activities at 9:00 AM ET on Friday, November 18, 2022. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET November 17, 2023.

ABOUT UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, and the Netherlands.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES
Management uses “adjusted net income attributable to UGI Corporation” and "adjusted diluted earnings per share," both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

¹Reportable segments' earnings before interest expense and income taxes represents an aggregate of our reportable operating segment level EBIT as determined in accordance with GAAP.
²Closing for any sale transaction would require satisfaction of customary regulatory approvals and closing conditions, including completion of works council consultations.
³Wind down in the Netherlands subject to completion of works council consultation.
⁴Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile the fiscal year 2023 adjusted diluted earnings per share guidance, a non-GAAP measure, to diluted earnings per share guidance, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS
This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. We undertake no obligation to update publicly any forward-looking statement whether as a result of new information or future events except as required by the federal securities laws. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) resulting in reduced demand, the seasonal nature of our business, and disruptions in our operations and supply chain; cost volatility and availability of energy products, including propane and other LPG, natural gas, and electricity, as well as the availability of LPG cylinders, and the capacity to transport product to our customers; changes in domestic and foreign laws and regulations, including safety, health, tax, transportation, consumer protection, data privacy, accounting, and environmental matters, such as regulatory responses to climate change; the inability to timely recover costs through utility rate proceedings; increased customer conservation measures due to high energy prices and improvements in energy efficiency and technology resulting in reduced demand; adverse labor relations and our ability to address existing or potential workforce shortages; the impact of pending and future legal or regulatory proceedings, inquiries or investigations; competitive pressures from the same and alternative energy sources; failure to acquire new customers or retain current customers, thereby reducing or limiting any increase in revenues; liability for environmental claims; customer, counterparty, supplier, or vendor defaults; liability for uninsured claims and for claims in excess of insurance coverage, including those for personal injury and property damage arising from explosions, acts of war, terrorism, natural disasters, pandemics and other catastrophic events that may result from operating hazards and risks incidental to generating and distributing electricity and transporting, storing and distributing natural gas and LPG in all forms; transmission or distribution system service interruptions; political, regulatory and economic conditions in the United States, Europe and other foreign countries, including uncertainties related to the war between Russia and Ukraine, the European energy crisis, and foreign currency exchange rate fluctuations (particularly the euro); credit and capital market conditions, including reduced access to capital markets and interest rate fluctuations; changes in commodity market prices resulting in significantly higher cash collateral requirements; impacts of our indebtedness and the restrictive covenants in our debt agreements; reduced distributions from subsidiaries impacting the ability to pay dividends or service debt; changes in Marcellus and Utica Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our businesses; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, and those of our third-party vendors or service providers, including due to cyber-attack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future business transformation initiatives, including the impact of customer service disruptions resulting in potential customer loss due to the transformation activities; our ability to attract, develop, retain and engage key employees; uncertainties related to a global pandemic, including the duration and/or impact of the COVID-19 pandemic; the impact of proposed or future tax legislation; the impact of declines in the stock market or bond market, and a low interest rate environment, on our pension liability; our ability to protect our intellectual property; and our ability to overcome supply chain issues that may result in delays or shortages in, as well as increased costs of, equipment, materials or other resources that are critical to our business operations.

• Retail gallons sold decreased 8% largely due to the continued impact of customer service challenges that occurred in fiscal 2021, staffing shortages in key delivery-related positions and increased price sensitivity in the higher commodity cost environment.
• Total margin decreased $67 million reflecting lower retail volumes sold ($100 million), partially offset by higher average propane margins including effective margin management efforts ($28 million), and higher non-propane margin principally due to increased fuel recovery and tank rental fees.
• Operating and administrative expenses increased by $20 million with the impact of the persistent inflationary cost environment which, among other things, led to increases in vehicle fuel ($13 million), bad debt reserves ($13 million), insurance claims ($11 million) and telecommunication expenses ($10 million). These increases were partially offset by lower employee compensation and benefits ($22 million), advertising and vehicle leases.
• Operating income and EBIT decreased $78 million reflecting lower total margin, and higher operating and administrative expenses, partially offset by an increase in other income largely related to gains on asset sales.

Base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During fiscal 2022 and fiscal 2021, the average unweighted euro-to-dollar translation rates were $1.08 and $1.20, respectively, and the average unweighted British pound sterling-to-dollar translation rate were $1.28 and $1.37, respectively.

• Total LPG retail volume increased 1%, despite weather that was 5% warmer than the prior-year, largely due to the recovery of certain bulk and autogas volumes that were negatively impacted by COVID-19 and favorable crop drying campaigns.
• Total margin decreased $118 million primarily reflecting the translation effects of weaker foreign currencies and lower total margin from our energy marketing business ($53 million). These decreases were partially offset by higher total LPG margins.
• Operating and administrative expenses decreased $11 million as the translation effects of weaker foreign currencies were largely offset by the impact of the global inflationary cost environment on the underlying distribution, personnel and maintenance costs.
• Operating income decreased $77 million due to lower total margin partially offset by the decrease in operating and administrative expenses, and reflects the translation effects of the weaker foreign currencies.
• EBIT decreased $63 million due to the lower operating income primarily from the energy marketing business, partially offset by higher realized gains on foreign currency exchange contracts ($12 million).

• Total margin increased $77 million in fiscal 2022 reflecting increased margins from natural gas marketing activities ($38 million), including peaking and capacity management ($16 million), which was largely driven by the timing of settlement of storage hedge contracts. The increase is also attributable to incremental margin from UGI Moraine East, the legal entity holding the Stonehenge assets ($15 million), and renewable energy marketing activities ($9 million).
• Operating income increased $86 million compared to the prior year reflecting higher total margin and the absence of the adjustment to contingent consideration related to the GHI acquisition recognized in fiscal 2021 ($9 million).
• EBIT increased $79 million due to an increase in operating income, partially offset by lower equity income and higher depreciation and amortization expense largely attributable to UGI Moraine East.

• Core market and total gas utility throughput increased 30% and 17%, respectively, largely reflecting the incremental volume from Mountaineer.
• Total margin increased $185 million during fiscal 2022 primarily due to the incremental margin from Mountaineer ($123 million), benefits from the increase in DSIC rates ($26 million), and growth in residential and large delivery service customers.
• Operating income increased $86 million compared to the prior year, largely reflecting the higher total margin ($185 million), partially offset by higher operating and administrative expenses ($78 million) and higher depreciation expense ($25 million), both principally due to the incremental expenses attributable to Mountaineer.
• EBIT increased $94 million reflecting higher operating income and non-service pension benefit ($8 million) compared to the prior year.

INVESTOR RELATIONS
Tel: +1 610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202

NOIDA, India--(BUSINESS WIRE)--#AxaClimate--HCLTech, a global technology company, announced that it has launched the HCLTech Sustainability School and its first comprehensive climate literacy learning series. The series, developed by Axa Climate, has been designed to raise awareness of the impact of climate change among HCLTech’s 220,000+ employees.

The HCLTech Sustainability School aims to build sustainability champions amongst its employees across the globe. With climate change emerging as one of the biggest challenges facing humanity, the learning series will educate employees on how each of them can contribute to the efforts of governments, NGOs and enterprises to address the causes of climate change.

HCLTech is committed to supercharging progress toward a sustainable planet through its actions as a company and pacts with stakeholders. The Company is a signatory to the Climate Pledge and is committed to achieving net-zero by 2040, a decade ahead of the Paris Agreement goals. The Science Based Targets initiative (SBTi) has validated and commended HCLTech’s ambitious 1.5°C pathway targets.

“HCLTech Sustainability School is another validation of our environmental commitments. It will give HCLTech employees an understanding of climate change and how it impacts their lives. Having completed the course, our employees will understand how to act responsibly within their homes and workplace and take simple measures to reduce their carbon footprints. Our people can be our biggest champions on sustainability and this learning series will provide them with practical tools so they can be agents of change within the company and their own communities,” says Santhosh Jayaram, Global Head, Sustainability, HCLTech.

To be launched in two phases, the course will cover topics such as the impending threats to biodiversity, the exploitation of natural resources, and the impact on livelihoods across geographical regions. The second phase of the course will help participants understand how to reduce their own carbon footprints and look at innovative ways to reduce carbon emissions within HCLTech and with our clients. HCLTech’s sustainability strategy is based on three guiding principles:

• ACT: Acting in the most responsible and sustainable manner and ensuring every resource is used efficiently to maximize value
• PACT: Working for a sustainable future, in collaboration with our clients, partners, communities, and all stakeholders
• IMPACT: Focusing on creating sustainable impact through all initiatives and activities

The company has made demonstrable progress on its sustainability commitments:

• Recharged 21 times more water than it consumed during 2021-22
• 70% reduction in per capita Scope 1 & 2 GHG emissions in the last decade
• Renewable energy represented 17.7% of the company’s overall energy consumption increased in FY22
• HCLTech’s Net-Zero Intelligent Operations (NIO) solution won the Cisco Global Digital Sustainability Challenge for the EMEA (Europe, Middle East, Africa) region

About HCLTech

HCLTech is a global technology company, home to 219,000+ people across 54 countries, delivering industry-leading capabilities centered around digital, engineering and cloud, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2022 totalled $12.1 billion. To learn how we can supercharge progress for you, visit hcltech.com

Meenakshi Benjwal, Americas
This email address is being protected from spambots. You need JavaScript enabled to view it.

Elka Ghudial, EMEA
This email address is being protected from spambots. You need JavaScript enabled to view it.

Devneeta Pahuja, India and APAC
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) announced today that its Board of Directors has declared a quarterly cash dividend of $0.105 per share of Class A common stock, to be paid on December 16, 2022 to holders of record as of December 6, 2022. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented equipment and services are deployed across oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Europe Green Hydrogen Market Size, Segments, Outlook and Revenue Forecast 2022-2030 by Technology, Application, Generation and Delivery Mode and Major Countries" report has been added to ResearchAndMarkets.com's offering.

The Europe Green Hydrogen Market is expected to record a positive CAGR of ~40% during the forecast period (2022-2030), due to the rising demand for renewable energy sources, notably in electricity generation.

Rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions are major growth drivers for Europe's Green Hydrogen market. For instance, according to Eurostat, a statistical office of the European Union located in Luxembourg, renewable energy sources accounted for 37% of total EU electricity consumption in 2020, up from 34% in 2019.

In addition, wind and hydropower accounted for more than two-thirds of total renewable electricity generation (36% and 33%, respectively), while solar power increased from 1% in 2008 to 8% in 2020.

Emergence of advanced electrolysis technologies is likely to create opportunities for a wide range of industries/sectors in the forthcoming years to reliably produce green hydrogen at a low cost from outages and evolving renewable energy sources. For instance, the EU hydrogen strategy proposed by the European Commission, plans for increasing renewable hydrogen production via electrolysis to 10 million tonnes of hydrogen by 2030, with an installed capacity of 40 gigatonnes (GW) electrolyzers.

The high cost of producing hydrogen in comparison to fossil fuel equivalents is the most significant barrier to widespread green hydrogen adoption.

Scope of the Report

By Technology

• Alkaline Electrolyzer
• Proton Exchange Membrane (PEM) Electrolyzer
• Solid Oxide Electrolyzer

By Application

• Industrial Processes
• Domestic Energy Systems (Residential Premises, and Commercial Premises)
• Power Grids
• Mobility

By Generation and Delivery Mode

• Captive
• Merchant (Pipeline/Tube Trailers, Liquid Tankers, Trucks, and Ships)

By Geography

• Germany
• The Netherlands
• Poland
• Italy
• France
• Spain
• Rest of Europe (Belgium, The UK, Denmark, Norway, Sweden, Finland, Portugal, Austria, Romania, and Others

Companies Mentioned in the Report:

Key Competitors in Europe Green Hydrogen Market

• Linde Plc
• Shell Plc
• Air Products and Chemicals Inc
• Air Liquide
• Thyssenkrupp AG
• Nel ASA
• Siemens Energy AG
• Schaeffler Group
• Toshiba Energy Systems & Solutions Corporation
• Ballard Power Systems
• Plug Power Inc
• Bloom Energy

Notable Emerging Companies Mentioned in the Report

• Quantron AG
• STEAG GmbH
• SunFire GmbH
• Nedstack Fuel Cell Technology BV
• Hymove
• Gasunie
• PGNiG SA
• PKN ORLEN
• Ampere Life
• Industrie De Nora S.p.A
• Ansaldo Energia
• Snam
• McPhy Energy S.A
• Lhyfe
• H2V
• Iberdrola, S.A
• Engages S.A
• Respol S.A

Frequently Asked Questions

What is the Study Period of this Market Report?

• The Europe Green Hydrogen Market is covered from 2019 - 2030 in this report, which includes a forecast for the period 2022-2030

What is the Future Growth Rate of Europe Green Hydrogen Market?

• The Europe Green Hydrogen Market is expected to witness a CAGR of about 40% over the next 8 years

What are the Key Factors Driving the Europe Green Hydrogen Market?

• Rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions. are expected to be the primary drivers of this market

Which is the Largest Technology Segment within the Europe Green Hydrogen Market?

• Alkaline Electrolysis Technology holds the largest share of Europe's Green Hydrogen Market

Key Topics Covered:

1. Executive Summary

2. Market Overview and Key Trends Impacting Growth

3. Total Europe - Market Segmentation by Technology, Historic Growth, Outlook & Forecasts

4. Total Europe- Market Segmentation by Application, Historic Growth, Outlook & Forecasts

5. Total Europe - Market Segmentation by Generation and Delivery Mode, Historic Growth, Outlook & Forecasts

6. Industry/Competition Analysis - Competitive Landscape

7. Key Competitor Profiles (Company Overview, Product Offerings, SWOT Analysis)

8. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts

9. Industry Expert's Opinions/Perspectives

10. Analyst Recommendation

11. Appendix

Companies Mentioned

• Linde Plc.
• Shell Plc.
• Air Products and Chemicals Inc.
• Air Liquide
• Thyssenkrupp AG
• Nel ASA
• Siemens Energy AG
• Schaeffler Group
• Toshiba Energy Systems & Solutions Corporation
• Ballard Power Systems
• Plug Power Inc.
• Bloom Energy
• Quantron AG
• STEAG GmbH
• SunFire GmbH
• Nedstack Fuel Cell Technology BV
• Hymove
• Gasunie
• PGNiG SA
• PKN ORLEN
• Ampere Life
• Industrie De Nora S.p.A.
• Ansaldo Energia
• Snam
• McPhy Energy S.A.
• Lhyfe
• H2V
• Iberdrola, S.A.
• Engages S.A.
• Respol S.A.

For more information about this report visit https://www.researchandmarkets.com/r/tphfh1

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--#energyexploration--Geospace Technologies (NASDAQ: GEOS) today announced a net loss of $22.9 million, or $(1.76) per diluted share, on revenue of $89.3 million for its fiscal year ended September 30, 2022. This compares with a net loss of $14.1 million, or ($1.05) per diluted share, on revenue of $94.9 million for the comparable year-ago period.

For the fourth quarter ended September 30, 2022, Geospace Technologies (the “Company”) reported revenue of $25.9 million and a net loss of $8.0 million, or ($0.62) per diluted share. Revenue for the fourth quarter ended September 30, 2022 increased 33% over last year and was the largest quarterly contributor to the fiscal year. For the comparable period last year, the Company recorded revenue of $19.4 million and a net loss of $5.0 million, or ($0.39) per diluted share.

The Company noted that its fiscal year 2022 operating loss includes a $4.3 million one-time non-cash charge for goodwill impairment in the company’s Emerging Markets segment, and a $5.0 million non-cash benefit for changes in contingent consideration related to our Quantum Technology Sciences (Quantum) and OptoSeis acquisitions. Fiscal year 2021 operating loss also included a $3.5 million non-cash benefit for changes in contingent consideration from both acquisitions mentioned above.

Management’s Comments

Walter R. ("Rick") Wheeler, President and CEO of the Company said, “We’re encouraged that fourth quarter revenue grew more than 33% over last year’s same period, rising above the first three quarters of fiscal year 2022. This is largely attributable to the steady increase in demand for our OBX ocean bottom nodes as the year progressed, and we expect this demand growth to continue in fiscal year 2023. Fourth quarter Oil and Gas segment revenue was further lifted by scheduled deliveries of specialty geophone sensors in partial fulfilment of a previously announced order that extends into fiscal year 2023. However, despite the improved Q4 performance, revenue for the full fiscal year missed last year’s total by 6%, leading to a net loss of $22.9 million. In response, we have begun the implementation of a board approved dynamic plan intended to lead us to consistent profitability. The plan includes leveraging the successes of our diversification strategy that have created new products and revenue growth in our Adjacent Markets segment. It also includes shedding the manufacture of some low margin, low revenue products and reconfiguring our production facilities to lower our costs and raise efficiencies. As part of the plan, adjustments have already been made in our workforce since the fiscal year end and are expected to yield an annual savings of more than $2 million. As our plan continues to unfold, regular evaluations of each business segment will focus on revenue opportunities as well as additional areas where costs can be reduced. Note that the fourth quarter and full year losses reported for fiscal year 2022 include a non-cash charge of $4.3 million for the impairment of goodwill related to our 2018 acquisition of Quantum. The technology we gained through this acquisition remains highly valuable and is being targeted in a variety of new applications with promising revenue potential. However, past performance of our Quantum acquisition has not met the necessary expectations required to support its goodwill. Our reported losses also include a non-cash charge of approximately $400,000 for the write-off of certain heavy machinery in our cable shop. Over time, revenue from goods produced with this equipment has greatly diminished, and the space recovered from its removal will allow us to move our OBX rental operations from a nearby satellite facility to our main campus. This consolidation should provide much better efficiency and utilization of the factory, and in turn, reduce costs and increase our profitability. Recent conversations with our permanent reservoir monitoring (PRM) system customers have led us to expect additional delays in the timing of a tender, although they have indicated that their overall interest and intentions have in no way diminished. This means the most opportune time for the transformation of our cable shop is now, when it should not interfere with ongoing main campus manufacturing activities, nor disrupt any ongoing OBX rental operations with the move. Note also that the ability of our cable shop to build both electrical and optical PRM system cables will remain intact after the transition.”

“While we are certainly encouraged by trending improvements in our Oil and Gas segment, we are especially pleased with the revenue growth and product expansion of our Adjacent Markets segment. Fourth quarter revenue from our Adjacent Markets products became the second highest in history, almost matching the all-time record set in the preceding quarter. For the full 2022 fiscal year, our Adjacent Markets revenue reached $39.2 million. This outperforms last year’s results by 21% and sets yet another full-year record for the segment. Within the segment, our Exile graphic imaging products, water meter cables and connectors, and contract manufacturing services each set new full-year records of their own. In another first, the fourth quarter included the first shipment of our Aquana smart water valves and subscription-based cloud control software. The dollar amount was not significant, but it marks the beginning of what we believe will be another path of profitable expansion in the years to come. Overall, the ramping performance of our Adjacent Markets segment provides strong validation that the addition of strategic diversifications outside of the oil and gas industry is working by broadening our revenue opportunities and moving us forward on a path toward profitability.”

“The aftermath of the pandemic and the war in Ukraine have created a broad level of disarray, with global inflation and threatened energy supplies as prime examples. Solving the latter of these is critical in abating the former and provides the only means for society to move forward. We believe the oil and gas industry is fully engaged in trying to responsibly solve the issue, and we believe this offers reasoning for an increase in demand for our OBX and other Oil and Gas segment products. In conjunction with the successful expansion of our Adjacent Markets products and our moves to achieve greater efficiencies, our confidence in the future is bolstered for increasing revenue, maintaining a strong balance sheet, and providing profitable returns for our shareholders.”

Oil and Gas Markets Segment

Revenue from the Company’s Oil and Gas Markets segment totaled $14.8 million for the three months ended September 30, 2022. This compares to $10.7 million in revenue, an increase of 38% for the same period a year ago. For the fiscal year, revenue from this segment totaled $49.1 million versus $52.3 million for the same prior year period. The increase for the three-month period is due to higher demand for seismic sensors and a higher level of repairs of customer owned marine wireless products. The twelve-month decrease in revenue is due to lower demand for the purchase our land and marine wireless products, partially offset by higher utilization of our marine wireless rental fleet and higher demand for our seismic sensors.

Revenue from the Company’s traditional exploration products totaled $3.2 million and $6.6 million respectively for the three-month and twelve-month periods ended September 30, 2022. This compares to $0.8 million and $4.5 million, respectively to the same periods a year ago. The increase for both periods is attributed to higher demand for seismic sensor and marine products.

Revenue from the Company’s wireless seismic products totaled $11.2 million and $40.7 million respectively for the three- and twelve-month periods ended September 30, 2022. This equates to a 16% increase and a 11% decrease compared to the corresponding respective year ago periods. The fourth quarter increase from last year is due to higher demand for the Company’s land and marine wireless products. The full year comparative decrease is a result of lower levels of demand for the purchase of the Company’s land and marine wireless products offset by higher utilization of the Company’s OBX marine nodal fleet. Demand for the Company’s OBX systems is driven by the desire of many E&P companies to find new resources near producing fields and to leverage existing offshore assets for their recovery to achieve lower costs. Increased demand for oil and natural gas, combined with recent increases in commodity pricing for such oil and gas, are expected to result in higher demand for the Company’s OBX systems in 2023.

The Company’s reservoir seismic products generated $0.5 million and $1.9 million in total revenue for the three-month and full year periods ended September 30, 2022. This compares with $0.3 million and $2.0 million for the equivalent periods one year earlier. Management believes that contracts for the manufacture and deployment of PRM systems offer the greatest opportunity for meaningful revenue from this product category. The Company is also continuing its ongoing discussions with other major oil and gas producers for possible PRM systems.

Adjacent Markets Segment

Revenue from the Company’s Adjacent Markets segment totaled $10.9 million and $39.2 million for the three- and twelve-month periods ended September 30, 2022. This compares with $8.6 million and $32.4 million for the equivalent year ago periods, representing increases of 27% and 21% respectively. The increase in both periods is the result of increased sales of the Company’s smart water meter cable and connector products, higher demand for its contract manufacturing services, increased sales of seismic sensors to industrial customers and increased demand for imaging products.

Emerging Markets Segment

The Company’s Emerging Markets segment generated revenue of $0.1 million and $0.7 million for the three-month and full year periods ended September 30, 2022. This compares with $0.2 million and $10.2 million for the similar three- and twelve-month periods of the previous year. Fiscal year 2022 and 2021 revenue is attributed to the contract awarded in April of 2020 to the Company’s Quantum subsidiary by the U.S. Customs and Border Protection, U.S. Border Patrol.

Balance Sheet and Liquidity

For the fiscal year ended September 30, 2022, the Company used $10.0 million in cash and cash equivalents from operating activities. The Company generated $14.1 million of cash from investing activities that included $11.6 million in proceeds from the sale of rental equipment, and $8.5 million for net sales of short-term investments. These sources of cash were partially offset by $4.8 million invested in rental equipment and $1.1 million used to purchase property, plant and equipment. As of September 30, 2022, the Company had $17.0 million in cash, cash equivalents and short-term investments, and maintained an additional borrowing availability of $8.5 million under its bank credit agreement with no borrowings outstanding. Thus, as of September 30, 2022, the Company’s total liquidity stood at $25.5 million. The Company additionally owns unencumbered property and real estate in both domestic and international locations. In fiscal 2023, management anticipates a capital expenditure budget of $7.3 million including $6.0 earmarked for additions to its rental equipment. Additions to our rental fleet will only occur when warranted by market conditions and financial commitments are made by customers.

Conference Call Information

Geospace Technologies will host a conference call to review its fourth quarter and fiscal year 2022 financial results on November 18, 2022, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (877) 800-225-9448 (US) or (203) 518-9708 (International). Please reference the conference ID: GEOSQ422 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment, remote shutoff water values and Internet of Things (IoT) platform and provide contract manufacturing services.

Forward Looking Statements

This press release contains “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. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding our expected operating results, the adoption, results and success of our rollout of our Aquana smart water valves and cloud-based control platform, future demand for our Quantum security solutions the adoption and sale of our products in various geographic regions, potential tenders for permanent reservoir monitoring systems, future demand for OBX systems, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, the impact of the current armed conflict between Russia and Ukraine, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels and continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

TUCSON, Ariz.--(BUSINESS WIRE)--UniSource Energy Services is seeking updated electric rates that would take effect in early 2024, its first such request in seven years.

UniSource’s proposed rates would help cover the cost of investments made since 2014 to support a stronger, more secure energy grid. These investments include new substations, transmission and distribution system upgrades, and critical maintenance and improvements for generating resources. The new rates also would reflect higher fuel and energy prices UniSource has paid to help serve customers’ energy needs.

“Although we’ve had to pass along higher market energy prices in recent years, I’m proud we’ve been able to hold the line on our own expenses for so long,” said Susan Gray, UniSource’s President and CEO. “We’re doing everything we can to keep service affordable for customers, but we will need higher rates in 2024 to cover the increased cost of providing safe, reliable service for customers.”

UniSource’s request, filed today with the Arizona Corporation Commission (ACC), would increase the average monthly bills of typical residential customers by $18.52 when new rates take effect in 2024. This projected increase will vary based on usage, and customers’ total bills also will be affected by changes to fuel and purchased power rates between now and then.

Customers can mitigate the impact of higher energy costs through energy efficiency, possibly in combination with time-of-use pricing plans that offer lower rates during off-peak periods. UniSource also can help qualifying customers find payment assistance.

UniSource’s continual efforts to improve efficiencies have helped to keep costs as low as possible despite rising prices for equipment, construction materials and other necessities since 2014, the year upon which current rates are based. The company limited the average annual growth of its operations and maintenance costs to less than 2.1 percent between 2015 and 2021 despite average annual inflation of 2.5 percent during the same period.

Serving Energy Needs

Peak demand on UniSource’s energy grid has increased by 16 percent since 2014, driven by more extreme weather events and a nearly 8-percent increase in customers. UniSource anticipates that peak usage will continue to increase by about one percent annually over the next five years, driving the need for continued grid investments.

UniSource’s proposed rates support investments that will help the company manage long-term energy costs, reduce dependence on purchased power and achieve greater self-reliance with a better-balanced energy portfolio. These objectives were outlined in the company’s 2020 Integrated Resource Plan, which the ACC acknowledged as being in the public interest.

The proposed rates would allow more gradual recovery of anticipated costs for investments in solar arrays, battery storage systems and other energy resources. Passing along some of these costs as they occur will avoid larger impacts later that result from accumulations over longer periods between rate requests.

Assisting Customers

UniSource is seeking to offer an $18 monthly discount – up from $16 currently – for qualifying low-income customers whose household income does not exceed 200 percent of the federal poverty level. The proposed rates also would eliminate transaction fees for most credit card payments from residential and small business customers as well as for cash payments made at third-party payment processors.

UniSource has supported customers during the ongoing pandemic with increased philanthropic giving, delayed recovery of higher energy expenses, direct bill credits and a campaign to connect qualifying customers to expanded federal aid and other bill payment assistance. Including all federal funding, contributions and other resources, UniSource has directed nearly $10 million in assistance to customers and our community since 2020.

“We know our community has faced real challenges over these past few years because we’ve been there with support every step of the way,” Gray said. “Our systems and employees have delivered admirable reliability and strong service for customers throughout this extraordinarily difficult period. I am very proud of our company’s performance in living up to our values and the expectations of our customers.”

Additional information about UniSource’s rate proposal is available online.

UniSource provides electric service to more than 100,000 customers in Mohave and Santa Cruz counties through UNS Electric, Inc., a wholly owned subsidiary. It also provides natural gas service to more than 165,000 customers in northern and southern Arizona through subsidiary UNS Gas, Inc. For more information about UniSource, visit uesaz.com. UniSource and its parent company, UNS Energy, are subsidiaries of Fortis Inc. (TSX/NYSE: FTS), which owns utilities that serve more than 3 million customers across Canada and in the United States and the Caribbean. To learn more, visit fortisinc.com.

Joseph Barrios
(520) 884-3725
This email address is being protected from spambots. You need JavaScript enabled to view it.

SOUTHPORT, Conn.--(BUSINESS WIRE)--GASE Energy, Inc. (“Gase” or the “Company”; OTCMKTS:GASE), formerly an energy service provider, is pleased to announce today its signing of a Definitive Acquisition Agreement (the “Agreement”) with Btab Group Inc., a Delaware corporation (“Btab”) to acquire 5 Btab subsidiaries (the “Btab Subs”). Pursuant to the principal terms of the Agreement, the Company will issue approximately 63 million new shares of common stock and 5 million of Class B Common Shares with voting rights, in exchange for the entire equity of the Btab Subs, in a business combination (the “Business Combination”) that will produce a combined entity with an approximate valuation of over $75 million with an annual revenue over $11 million, over $3 million in approximate gross profit, and over $1 million in EBITDA, (fy21-fy22). Btab has a group of 12 other subsidiaries which, once they prepare applicable audited financial statements, will have an estimated combined revenue of over $40mm. Gase may acquire additional subsidiaries from Btab in the future.

The Agreement is subject to various conditions, including satisfactory due diligence as well as the approval of shareholders of the Company and that of the regulatory authorities. Following the acquisition, the current Gase shareholders will control approximately 20% of the combined equity. Btab will have the right to nominate three directors to the Board of the Company and both parties anticipate a corporate name change.

Btab is a next-generation e-commerce company with significant social impact. The business was founded in 2014 and primarily operates through its subsidiaries in Australia and the ASEAN region, as well as locations in the US and UK, providing affordable ecommerce services, online technology and product supplies to small businesses to allow them to compete in an underserved market segment. Btab has multiple warehouses as fulfilment centers for expedited delivery of goods to customers. Btab gives small businesses platforms in which to grow their business and customer base whilst maintaining costs to remain profitable. The Btab Network is quickly looking to expand further into Europe and the Americas where it will be able to network tens of thousands of small businesses to hundreds of millions of dollars’ worth of products in a time where many products are still “out of reach” for these small businesses. Btab believes the e-commerce growth in Asia alone should still be significant well into the next decade, fueled by increasing numbers of internet users, greater familiarity with online shopping, and improved consumer spending power.

Their website is: https://btabcorp.com/the-business/

Speaking after the signing of the Agreement, Sean Martin, the Chairman and CEO of Gase, said “We are very excited to partner with the Btab Group in a new era of growth for the Company, taking our combined experience globally to enhance partnerships and new areas of growth. Btab’s new access to capital markets will enhance its image and access to new investors and new markets. Our partnership offers tremendous promise for the e-commerce industry and for companies such as ours that have an international reach to both suppliers and consumers. We hope in the future, after compliance and applicable metrics being reached, Gase will uplist to the Nasdaq.”

Binson Lau, CEO of Btab Group further added, “We are on target to have more resellers onboarding and the visitors on all our networks are increasing daily, our networks have served millions of visitors. Our growth is a gain of over 100% from the previous year and we expect to continue making impressive gains for the next 5 years.

About Gase Energy, Inc.

Founded in 2013, located in Southport, Connecticut. Formerly an Energy Services company, GASE has been in search of a business combination.

About Btab Group Inc.

Founded in 2014 and established as a holding company in 2018, the Btab Group of Companies has a central location in Sydney, Australia with offices in other parts of that country, China, UK and the USA. It is an e-commerce services provider and a product supplier to small businesses.

Forward Looking Statements

Certain information set forth in this press release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

For further information:
Sean Martin, Marketing and Communications
Gase Energy, Inc.
P: 203-984-7603
This email address is being protected from spambots. You need JavaScript enabled to view it.

Matching payment, winter protection, bill forgiveness programs available for customers

ORANGE, Conn.--(BUSINESS WIRE)--As a result of the ongoing global energy crisis and associated price increases, United Illuminating today is encouraging its customers to explore the assistance programs available through the company, including payment plans, winter protection, and bill forgiveness for those that qualify.

“We understand that the unprecedented state of the global energy market is having real, burdensome impacts on the everyday lives of families across Connecticut, so we are focused on making sure UI customers are aware of, and prepared for, these rising supply costs and understand the programs we have to help,” said Frank Reynolds, President & CEO of UI. “Any UI customer that is having trouble paying their electric bill, or is concerned about their ability to do so in the coming months, should not hesitate to call us. Above all, we are here to help our customers, and are committed to making sure everyone is aware of the tools available, including payment plans, arrearage management programs, and other resources that can help customers manage their energy use and reduce the impact to their bill.”

United Illuminating is anticipating that the Standard Service price for UI residential customers will rise from 10.62 to 21.94 cents per Kilowatt Hour (kWh) beginning January 1, 2023 – a bill increase impact 43%, or average monthly increase of $79 for the typical UI residential customer. The Standard Service price is the cost of energy used by ratepayers, and purchased by UI on their behalf without any markup or profit. Energy prices across the globe have increased, especially natural gas – the primary fuel in New England – due to supply chain constraints, high inflation, and the ongoing conflict in Ukraine. UI serves as a pass-through mechanism for the recovery of these costs and does not profit form them in any way.

To help customers manage increase supply costs, UI is reminding those having difficulty paying their bill of the following programs the company offers to provide assistance and relief:

• Matching Payment Program – Residential customers covered by the Winter Protection Program and who heat by electricity may qualify for UI’s Matching Payment Program. If you qualify, we will work with you to develop a monthly budget agreement. If you keep that agreement, we will match your payments to reduce your back balance.

• Bill Forgiveness Program – This program helps low-income customers maintain year-round service and pay down delinquent balances by company-matched dollars. A payment arrangement plan helps qualified hardship customers pay past-due electric bills. Under BFP, if payments are current, a past-due balance can be "forgiven" over time.

• Winter Protection Program – UI offers winter protection to all our customers that qualify. If you meet eligibility requirements, we will not turn off your electricity between November 1 and May 1. The Winter Protection Plan must be renewed annually, beginning in October. To prevent your service from being shut off after May 1, contact UI to set up a payment arrangement.

• Flexible Payment Arrangements – UI will work with customers if they are having trouble paying their electric bill. UI offers flexible payment arrangements for all customers needing assistance. These arrangements can be spread out up to 18 months for residential customers and 6 months for non-residential customers. Current payment arrangements may be renegotiated due to a change in financial circumstances Per Conn. Agencies Reg. § 16-3-100(b)(3)(A). These arrangements may be discussed confidentially by calling our Customer Care Center at 800.722.5584.

• Called to Active Duty? – Customers may qualify for temporary suspension of collections action and disconnection of their electric service if they are called into active duty in the U.S. military.

• Home Energy Solutions-Income Eligible (HES-IE) – Through the Connecticut Energy Efficiency Fund, United Illuminating administers the HES-IE program. This weatherization program is designed to help customers with limited income or financial needs reduce their energy bills.

For more information on financial assistance programs offered by UI, please visit the UI website or call (800) 722-5584. For more information on Home Energy Solutions visit the UI website or call (877) 947-3873.

Though many customers are on the UI Standard Service rate, some customers elect to purchase electricity directly from, independent suppliers. Customers are encouraged to review their bill to make sure they know who their supplier of choice is, and the end date of their service. Customers can visit https://energizect.com/rate-board/choosing-a-supplier to compare prices.

UI is also reminding residents of simple actions they can take to help make their home as efficient as possible and reduce the impact of rising supply costs on their energy bill.

Insulation

• Install wall-outlet and switch-plate gaskets to reduce the flow of cold air.
• Install storm windows, or purchase window insulator kits to reduce drafts.
• Be sure your home’s insulation meets U.S. Department of Energy specifications for your geographic area, and that ceilings, walls, and floors over unfinished crawl spaces are all properly insulated.
• Insulate hot water pipes.
• Install storm doors to reduce heat transfer to the outside.

Heating & Cooling

• Have your heating equipment periodically checked by a service professional.
• Dust or vacuum radiator surfaces and vents frequently and keep them unobstructed.
• Keep insulated drapes or shades closed in summer and open on sunny winter days. Close curtains or drapes on winter nights to reduce heat loss.
• Close fireplace dampers when not in use to keep heated or cooled air from escaping up the chimney.
• Set the thermostat as low as comfort permits. Each degree above 68º F can use 3% more energy.
• Open windows in spring and fall rather than using air conditioning.
• Install programmable or wi-fi thermostat to automatically control heating and cooling.
• Clean or replace furnace filters periodically, and have your furnace burner checked and cleaned annually.
• Use ceiling or portable fans in place of room air conditioners whenever possible.
• If you use electric heat, consider replacing it with a high efficiency ductless heat pump system, which can cut electricity use by as much as 50 percent.

About UI: The United Illuminating Company (UI) is a subsidiary of AVANGRID, Inc. Established in 1899, UI operates approximately 3,600 miles of electric distribution lines and 138 miles of transmission lines. It serves approximately 341,000 customers in the greater New Haven and Bridgeport areas of Connecticut. UI received the Edison Electric Institute’s Emergency Response Award in 2019 and 2021. For more information, visit www.uinet.com.

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

Media:
Gage Frank
This email address is being protected from spambots. You need JavaScript enabled to view it.
(203) 506-3904

Boston Mayor Michelle Wu commemorated the deconstruction of natural gas infrastructure as part of the company’s commitment to decarbonizing its systems and supporting the city’s Green New Deal initiative.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--#BOSpoli--Vicinity Energy, a decarbonization leader with the nation’s largest portfolio of district energy systems, serving over 70 million square feet of building space across Boston and Cambridge, has officially kicked off its electrification plans with the deconstruction of a steam turbine at the Kendall Green Energy Cogeneration Facility. Vicinity will install an electric boiler in its place, marking a critical step in the company’s Clean Energy Future commitment to reaching net zero carbon emissions across all its operations by 2050.

Boston's Mayor Michelle Wu commemorated the day at Vicinity's Kendall facility. Marking a crucial step toward a clean energy future for Boston and Cambridge, the deconstruction aligns with the Mayor’s latest move to file a home rule petition to ban the use of fossil fuels for new buildings in Boston.

“It is remarkable to be able to say that Vicinity is the first energy company in the country to electrify its operations. That is a huge deal and one that will have ramifications for generations to come. For every gigantic natural gas boiler that’s going to be decommissioned, for every new building that will use eSteam^TM, those are jobs created right here for our residents and our communities,” said Boston mayor Michelle Wu. “It is clear that the work of ensuring our planet remains livable is going to require all of us: every level of government, business, and community. We’re very grateful that Vicinity's carbon-free eSteam^TM product will power the leading industries we’re already known for here in Greater Boston such as life sciences, healthcare, commercial real estate, and many more.”

“With the installation of this electric boiler, we are enabling a seamless conversion to carbon-free eSteam^TM for our customers, including innovative commercial building owners and developers like IQHQ,” said Bill DiCroce, president and chief executive officer of Vicinity Energy. “This is game-changing for our communities and a prime example of what happens when government, the business community, and the energy sector work together and embrace the region’s Green New Deal.”

The electric boiler will enter service in 2024. At that time, the company will procure electricity from renewable, carbon-free energy sources such as wind, solar, and hydro to generate eSteam™, the first-ever carbon-free renewable energy product. IQHQ will be Vicinity's first customer to power the rapid decarbonization of its buildings in Boston’s Fenway neighborhood: 109 Brookline and Fenway Center Phase 2 with carbon-free eSteam™.

“Today, we are excited to be celebrating the installation of the electric boiler,” said Jenny Whitson, director of sustainability & ESG at IQHQ. “By Vicinity taking this step to offer developers like us the opportunity to source electric steam generated by renewable energy, we are able to achieve our climate goals and carbon emission reduction targets for our projects.”

Over the years, Vicinity has evolved as new, cleaner fuel sources have become commercially available. The company’s predecessors burned coal to generate steam before migrating to oil, natural gas, and combined heat and power (CHP). Because district energy systems are agnostic to fuel type, they can quickly implement these new, more sustainable technologies and fuel sources. Electrification is the next crucial step to decarbonize Boston and Cambridge at scale and ensure both municipalities meet their new energy standards and emission mandates.

The Kendall Green Energy Cogeneration Facility simultaneously produces thermal energy and electricity in one efficient process to serve approximately 75% of Vicinity’s customers throughout the region. When the electric boilers begin service, all of these facilities will have access to carbon-free, renewable energy at once.

“Here in Kendall Square, a place known for global innovation, we are proud of Vicinity's contribution to urban decarbonization with eSteam," said Beth O’Neill Maloney, executive director at the Kendall Square Association. “Vicinity's electrification plans will help contribute to the decarbonization of Cambridge and Boston without building-level changes. Vicinity is a global sustainability leader, charting a new path forward for district energy.”

Vicinity is on track to fully electrify its steam generation in Boston-Cambridge and introduce other technological advancements into its operations, including industrial-scale heat pumps and molten salt thermal energy storage. The company’s other locations across the country will undergo similar electrification processes in the coming years.

Click here to read more about eSteam^TM, district energy systems, and Vicinity’s commitment to innovation and the environment.

About Vicinity Energy

Vicinity Energy is a clean energy company that owns and operates the nation’s most extensive portfolio of district energy systems. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 230 million square feet of building space nationwide. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. To learn more, visit www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.

Sara DeMille
Senior Director, Marketing and Communications
857 557 7838
This email address is being protected from spambots. You need JavaScript enabled to view it.