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
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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
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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
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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
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(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
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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
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t. (925) 549-8686

Matthew Lauer, Mercuria
Public Affairs
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t. (703) 463-1841

STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS) today announced it has launched its digital platform for Community Solar and it is now available on the Apple App Store and on its website. Altus Power’s Community Solar program matches individuals and communities with solar projects built locally. These programs offer customers a discount on their monthly energy bills and adds clean power to their community by displacing more carbon-intensive utility power. Customers can complete the signup process in under a minute on the new app. It’s like a dating app for the planet that saves you money.

Energy is part of almost every aspect of our lives, but it comes with a price. Altus Power is changing the way people can go green by providing access to solar energy delivered directly to the customers utility bill. The new app makes it easy to join thousands of others who are going green with Altus Power’s Community Solar programs.

Today Altus Power solar arrays cover 22 states—almost half of the states in the country—and are increasing their reach with community solar rapidly. Upcoming launches in Maryland, Hawaii, New Jersey and New York will provide enough electricity to power tens of thousands of homes annually, and Altus Power is working on additional locations as well. “Providing easy-to-use technology to reach people who benefit most from lowering their electricity bills will be a game-changer,” said Julia Sears, Chief Digital Officer of Altus Power. “People shouldn’t need an electrical engineering degree to figure out how to gain access” added Sears.

Solar electricity is no longer restricted to those with the resources and space to install panels on their rooftop. Altus Power’s Community Solar allows anyone in an eligible area who receives an electric bill from their utility to join the solar community. Altus Power is aiming to reach any customers who are interested in supporting clean energy and the climate while receiving discounts on their electricity bills. Altus Power is proud to offer power generated from the sun to all eligible communities, including customers who rent their homes or apartments, and low-to-moderate income households who, in some places, can qualify for greater savings when they join.

Utility bills are the least affordable they’ve been in years, driven by a steady rise in utility rates. In the U.S., one-third of the population spends almost 20% of their income on their electricity. When individuals sign up for community solar, they reduce their community’s need for traditional power and receive credits on their power bills, supporting the planet and their wallet.

Once enrolled, our platform will help customers take control of their energy use, reach their sustainability goals, and track their growing savings. And they can stay updated as new opportunities become available.

Altus Power also offers a referral program that incentivizes local building owners to spread the word about community solar and enable tenants to enroll. Reach out to the Altus team at This email address is being protected from spambots. You need JavaScript enabled to view it. if interested.

Start saving money and help your community get clean energy with the new Apple mobile app or our online version and coming soon on the Google Play store.

About Altus Power, Inc.
Altus Power, based in Stamford, CT, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

For Community Solar Inquiries:
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For Media Inquiries:
Chris Shelton
Head of Investor Relations
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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
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213.996.2367
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
213.593.8208
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This is the 17^th consecutive year that SDG&E has received PA Consulting’s ReliabilityOne^® Award for Outstanding Reliability Performance among utilities on the west coast

SAN DIEGO--(BUSINESS WIRE)--Every day, 3.6 million people in San Diego and southern Orange counties depend on San Diego Gas & Electric Company (SDG&E) to provide reliable energy service to their homes and businesses. In recognition of SDG&E’s continued superior performance and innovation in the utility industry, PA Consulting honored the company with two of its most prestigious awards: Outstanding Reliability Performance in the West Region Metropolitan Service Area (also known as the “Best in the West”) and Outstanding Grid Sustainability.

“For 22 years, the ReliabilityOne® Awards have highlighted outstanding electric utility providers who resiliently build a more positive future for their customers,” said Gregg Edeson and Derek HasBrouck, PA Consulting’s ReliabilityOne® Co-Program Directors. “We are pleased to name San Diego Gas and Electric Company as an industry leader for delivering outstanding service and restoration efforts while balancing customer needs.”

For more than a decade, SDG&E has invested in innovative technologies and programs that have made it an industry leader in wildfire safety, grid resiliency and sustainability. The company has implemented grid hardening efforts and integrated enhanced situational awareness tools, like wildfire modeling and LiDAR technology, to identify potential wildfire risks and reduce customer impacts associated with outages.

“It is an honor to once again be recognized by PA Consulting in this year’s ReliabilityOne® awards,” said Caroline Winn, SDG&E’s chief executive officer. “At SDG&E, our culture is to be better today than we were yesterday and that is what drives us to work tirelessly to enhance grid resiliency, advance sustainability, help keep our region safe in the face of a dynamic climate, and improve customer resiliency.”

This is the 17^th consecutive year that SDG&E has specifically received the ReliabilityOne^® Award for ‘Outstanding Reliability Performance’ among utilities in the West. To be named the most reliable utility in a metropolitan service area in the Western United States means electricity is available when customers need it, with fewer interruptions than elsewhere in the West. The ReliabilityOne^® Awards are given annually to utilities in eight regions that have excelled in delivering outstanding reliable electric service to their customers.

Some of SDG&E’s programs and projects that contributed to its recognition as ‘Best in the West’ and the award for outstanding grid sustainability include:

Enhanced Climate Hardening & Resilience Advancements

• SDG&E has implemented one of the most comprehensive and robust wildfire risk mitigation programs in the industry.
• SDG&E deployed an advanced weather network with 221 weather stations, cameras equipped with Artificial Intelligence to detect smoke, air quality sensors and technology that measures moisture content in vegetation. The network also leverages satellites' latest remote sensing capabilities to detect, alert, and monitor wildfire activity from space.
• SDG&E uses LiDAR technology to capture vegetation clearances for more than 4,000 miles of distribution circuits within the areas at most risk for wildfires to inform and prioritize vegetation management activities.
• SDG&E is deploying its own private communications network to seamlessly and instantaneously transmit data to and from its infrastructure and field crews to help prevent wildfires by supporting advanced protection and drone technologies and machine learning.

Grid Sustainability & Customer Resiliency

• Grid sustainability and energy reliability have been a primary focus for SDG&E. The company has invested in multiple programs to advance the use of clean energy and improve customer resiliency.
• This includes the construction of several renewable microgrids to keep communities and critical facilities energized during Public Safety Power Shutoffs while taking advantage of California’s abundant solar resources.
• SDG&E developed “The Path to Net Zero,” an actionable roadmap recommending a diversified approach to decarbonization utilizing clean electricity, clean fuels and carbon removal to achieve California’s 2030 and 2045 greenhouse gas emissions reduction goals.
• SDG&E has developed a suite of clean energy solutions, including two battery storage sites, to bolster grid reliability and community resilience during the hot summer by easing the strain on the larger energy grid.

“This recognition is a reflection of the work of our 4,600 incredible employees who show up each day with drive and innovation to provide some of the healthiest, safest, strongest and most reliable energy service today and for generations to come in our region,” said Winn.

SDG&E is an innovative San Diego-based energy company that works to provide clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from increasingly renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to help ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.

About PA Consulting

We believe in the power of ingenuity to build a positive human future. As strategies, technologies, and innovation collide, we create opportunity from complexity. Our diverse teams of experts combine innovative thinking and breakthrough technologies to progress further, faster, together. Our clients adapt and transform, and together we achieve enduring results. We are over 4,000 strategists, innovators, designers, consultants, digital experts, scientists, engineers, and technologists. And we have deep expertise in consumer and manufacturing, defense and security, energy and utilities, financial services, government and public services, health and life sciences, and transport. Our teams operate globally from offices across the UK, Ireland, US, Nordics, and Netherlands. Discover more at paconsulting.com and connect with PA on LinkedIn and Twitter. PA. Bringing Ingenuity to Life.

PA Consulting’s ReliabilityOne® awards are presented to electric utilities providing their customers with the highest levels of reliability in the industry. PA Consulting’s ReliabilityOne® study is based on standard industry reliability statistics that measure the frequency and duration of electric power outages. ReliabilityOne® participants on average experienced 35% fewer sustained outages, and outages were 50% shorter than the average US investor-owned utility. PA Consulting has been analyzing electric utility performance since 1987. For more information about PA Consulting, visit http://www.paconsulting.com/energy.

Alex Welling
San Diego Gas & Electric
877-866-2066
sdge.com
Twitter: @sdge

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
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In-Person and Virtual Volunteer Events Support Nonprofits Helping At-Risk Youth, Seniors

OAKLAND, Calif.--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) is kicking off the 2022 season of giving by partnering with nonprofit groups to give back to the customers and hometowns it is privileged to serve in Northern and Central California.

As part of the company’s annual Weeks of Giving coworker campaign that begins today, coworkers are volunteering in the company’s five regions. Today, PG&E volunteers are working at the Emergency Food Bank in Stockton sorting food items and preparing food boxes for distribution to those in need.

“The spirit and work of volunteerism make the Emergency Food Bank work every day. We serve 350 cars daily and there are many steps in sorting, packaging and delivering food boxes to each car for our clients. The work we do cannot be accomplished without volunteers,” said Dr. Leonard O. Hansen, CEO, Emergency Food Bank Stockton/San Joaquin.

PG&E volunteers are ready to serve.

“We are eager to help in ways that are meaningful to our coworkers and our hometowns this holiday season. As many individuals and families are struggling with higher household prices due to inflation, our nonprofit partners need additional assistance to ensure they can help meet the needs of the most vulnerable in our communities,” said PG&E Executive Vice President, Corporate Affairs and Chief Sustainability Officer Carla Peterman.

Company leaders in PG&E’s five regions are hosting in-person or virtual volunteer events supporting local community-based organizations throughout PG&E’s service area.

Events where coworkers will volunteer include:

• Nov. 17: Emergency Food Bank Stockton (San Joaquin County)
• Nov. 22: Giving Thanks on Golden Gate Event, St. Anthony’s Foundation (San Francisco)
• Nov. 29 (Giving Tuesday): Virtual Volunteering, Ornaments for Seniors, benefitting Bakersfield Senior Center (Kern County) and Choice in Aging (Contra Costa County)
• Dec. 6: Virtual Volunteering, Stockings for Youth, benefitting Boys & Girls Clubs of the North Valley (Butte & Glenn counties) and Community Bridges (Santa Cruz County)
• Dec. 6: Holiday Heroes at Oracle Park in San Francisco
• Dec. 9: Housing Consortium of the East Bay and Covenant House, both in Oakland (Alameda County)
• Dec. 15: Food Bank Community Action Agency of Butte County

Weeks of Giving

PG&E encourages its coworkers to volunteer throughout the year and especially during the holiday season, including and leading up to Giving Tuesday, which takes place this year on Nov. 29. Giving Tuesday is a global day of action designed to kick-start the giving season with small acts of kindness.

PG&E’s Weeks of Giving is part of the company’s Campaign for the Community, a year-round coworker and retiree workplace giving program that raises money for qualifying 501(c)(3) organizations and eligible schools. The PG&E Corporation Foundation provides even greater value to coworker-directed contributions by matching up to $1,000 each year, per individual, for contributions to qualifying nonprofit organizations and schools. In 2021, PG&E coworkers, retirees and matching gifts totaled $10 million. Contributions supported 5,300 nonprofits and schools.

In 2020 and 2021, the company’s volunteer programs were limited by COVID-19 health and safety restrictions; however, many events returned to in-person this year as restrictions were lifted. Since 2020, and despite the challenges of COVID, more than 1,100 PG&E coworkers volunteered in more than 80 in-person and virtual volunteering opportunities, including restoring parks, stuffing backpacks with school supplies, mentoring youth and serving meals to people needing assistance.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

About The PG&E Corporation Foundation

The PG&E Corporation Foundation is an independent 501(c)(3) nonprofit organization, separate from PG&E and sponsored by PG&E Corporation.

MEDIA RELATIONS:
415-973-5930

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
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Jim Barron/Jared Levy/Leah Polito
FGS Global
Phone: 212.687.8080 / 310.201.2040
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Rogers Investor Contact:
Steve Haymore
Director, Investor Relations
Phone: 480.917.6026
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HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) honored its top energy customers today for their leadership in sustainability, community support, and energy efficiency during the third annual Excellence in Energy Awards.

The Excellence in Energy Awards recognizes NRG customers who demonstrate a strong commitment to the planning and achievement of their environmental and community goals. Through the annual celebration of these awards, NRG is shining a spotlight on successes and milestones that are shaping a better future through energy.

“We want to celebrate our customers at NRG,” said Robert Gaudette, Executive Vice President of NRG Energy, Inc. “This event is dedicated to them. We want to honor our customers for their efforts in enhancing their energy solutions and giving back to the community. Each award shows how organizations are creating a more sustainable path for both their operations and communities.”

NRG is honored to announce its 2022 Excellence in Energy Award winners.

Sustainability

Recognizing significant impact by going above and beyond standard sustainability practices to achieve notable environmental and social benefits.

• Bay Area Unitarian Universalist Church
• Cincinnati Zoo & Botanical Garden
• Iron Mountain
• Mitsubishi Chemical Group, Advanced Materials Division
• Nucor Steel – Texas, a Division of Nucor Corporation

Community Support

Honoring philanthropic achievements and leadership in their local communities.

• Ahresty Wilmington Corporation
• Alief Independent School District
• Cincinnati Zoo & Botanical Garden
• City of Houston

Energy Efficiency

Celebrating success with new technologies, solutions, and upgrades resulting in energy reduction or savings.

• Avient Colorants USA, LLC
• Bucher Emhart Glass
• CertainTeed Gypsum Buchanan, LLC
• Northampton Community College

Award submissions were provided by business customers, brokers, and NRG account managers. Congratulations to all of the organizations making significant strides on their energy journeys. NRG will continue the tradition of recognizing excellence in November 2023 for the next “Excellence in Energy” celebration.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.

Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Lauren Brown
713.537.2861
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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

Not for Distribution to U.S. Newswire Services or for Release, Publication, Distribution or Dissemination Directly, or Indirectly, in Whole or in Part, in or Into the United States

TORONTO--(BUSINESS WIRE)--Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that it has closed its oversubscribed non-brokered private placement announced on October 31, 2022 for gross proceeds of C$2,358,000 (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share at a price of C$0.70 for 2 years from the closing of the Offering. The Company intends to use the net proceeds to make progress on the permitting, capex and offtaking for its Malmbjerg molybdenum project and for general corporate and working capital purposes.

The Malmbjerg molybdenum project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years.

The securities issued as part of the Offering were distributed by way of a private placement in each of the provinces and territories of Canada pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. A finder’s fee consisting of 1) a cash payment equivalent to 7% of the gross proceeds of the Offering and 2) finder warrants (the “Finder Warrants”) equal to 7% of the Units sold under the Offering was paid to PowerOne Capital Markets Limited who acted as finder in connection ‎with the Offering. Each whole Finder Warrant will entitle the holder to purchase one Unit at the Offering Price for twenty-four months from the closing date. Completion of the Offering is subject to the receipt of all necessary regulatory approvals. The Units issued under the Offering are subject to a standard hold period of four months and one day from the closing date. The President of the Company purchased an aggregate of 192,307 Units, representing approximately 4% of the Offering. The Company is relying on the exemption from the requirements to obtain a formal evaluation and minority shareholder in reliance on sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101.

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

About Greenland Resources Inc

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced CO₂ emissions and water usage, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS₂, for 571 million pounds of contained molybdenum metal. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022 and had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com

About Molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s approximately US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.

Forward Looking Statements

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans, receipt of regulatory approvals, anticipated closing date and completion of the Offering, anticipated size of the Offering, the Offering Price, anticipated use of proceeds from the Offering, exploration results, potential mineralization, the estimation of mineral resources and reserves and their valuation, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, the Company’s ability to supply molybdenum to the EU, the EU’s future expected demand for molybdenum, the Company’s ability to commercialize the project, and the Company’s intentions regarding its objectives, goals or future plans and statements.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion, if at all; reliance on finders and other third parties; investor participation in the Offering; anticipated use of proceeds from the Offering; the continued economic feasibility of the Company’s current corporate social responsibility commitments; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: an inability to complete the Offering on the terms or on the timeline as announced or at all; an inability to commercialize the Company’s Malmbjerg Project; a change to the demand for molybdenum in the EU and elsewhere; the projected and actual effects of the COVID-19 pandemic or the conflict in Ukraine on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets; fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses, regulatory and stock exchange approvals in a timely manner; changes in laws, regulations and government practices in Greenland and Canada, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; reallocation of proceeds from the Offering to cover unanticipated expenses; title matters; the relationship with local communities and its effects on the business of the Corporation; and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the NEO Exchange Inc. nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Ruben Shiffman, PhD, Chairman, President
Keith Minty, P.Eng, MBA, Engineering and Project Management
Jim Steel, P.Geo, MBA, Exploration and Mining Geology
Nauja Bianco, M.Pol.Sci., Public and Community Relations
Gary Anstey, Investor Relations
Eric Grossman, CPA, CGA, Chief Financial Officer
Corporate office Suite: 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7
Telephone: +1 647 273 9913
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Web www.greenlandresources.ca

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

With a goal of electrifying Africa, the competition can release the entrepreneurial potential of millions by expanding access to sustainable and renewable power

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--The Milken Institute and the Motsepe Foundation today launched the Milken-Motsepe Prize in Green Energy, a $2 million prize competition to reward entrepreneurs and innovators working to address one of the most pressing and immediate challenges of our time—access to green, renewable energy.

The winning individual or team will be awarded $1 million, with an additional $1 million disbursed throughout the competition as finalists progress and field test ideas. Registration for the prize is open now. There is no cost to apply, and anyone, anywhere in the world is eligible to submit their idea for consideration.

This prize competition in Green Energy is designed to cast a wide net for inclusive innovation, providing funding, support, and product testing to find the best solutions for sustainable and renewable energy. Currently, more than 600 million people across the African continent lack access to electricity. Lack of reliable energy hinders economic growth, from startups in rural zones to medium enterprises in capital cities. Milken-Motsepe Prize registrants have the chance to play a vital role in creating affordable, sustainable, and renewable energy access for a world in need of innovative solutions to unlock human potential and increase financial and social mobility.

“Good ideas can and do come from anywhere in the world,” said Dr. Precious Moloi-Motsepe, Co-Founder and CEO of the Motsepe Foundation. “Entrepreneurs and new technologies can provide the solutions that will secure sources of sustainable and renewable energy for generations to come, in Africa and around the globe. The Milken-Motsepe Prize in Green Energy will catalyze market creation for innovative, renewable energy solutions and drive private sector growth as well as improve the socioeconomic living conditions of millions in Africa.”

Winning teams will demonstrate the ability to deploy innovative green energy solutions at scale in Africa, with the goal of dramatically expanding renewable energy access. Teams should make use of new technologies or adapt existing technologies in innovative ways to generate at least 60 kWh of off-grid electricity daily (24 hours) using green energy sources.

“Population size and energy needs are both rising rapidly, creating an urgent need to find sustainable sources of renewable energy. Prize competitions have proven over and over the power of human ingenuity to solve seemingly intractable problems,” said Emily Musil Church, PhD, senior director at the Milken Institute. “We hope to see a broad range of innovative ideas on how to create scalable, green energy systems that will allow for increased economic activity on the African continent and beyond.”

This is the second competition in the Milken-Motsepe Innovation Prize program, a series of multimillion-dollar prize competitions for entrepreneurial and technological solutions that accelerate progress toward the UN Sustainable Development Goals (SDGs) in Africa and globally. The first prize, the Milken-Motsepe Prize in AgriTech, was announced in 2021 and will be awarded in May 2023 at the Milken Institute Global Conference.

The Milken-Motsepe Prize in Green Energy is focused on the energy crisis in Africa, but the ideas and solutions generated could be used to help the 940 million people, or 13 percent, who do not have access to electricity globally.

How to Enter

Teams from anywhere in the world can register now and submit designs and business models. An independent panel of expert judges will select semi-finalist teams to receive $20,000 each to develop small-scale prototypes. In the final round, teams will demonstrate their entries in field tests which will be evaluated for their ability to:

• Dramatically expand access to green, affordable, renewable energy
• Reduce the exposure of vulnerable communities in Africa to the impacts of climate change
• Stall and reverse greenhouse gas emissions

In addition to the prize money, teams will benefit from access to networking, training, and other resources. To register for the prize or to learn more, visit milkenmotsepeprize.org.

ABOUT THE MILKEN INSTITUTE

The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next. For more information, visit milkeninstitute.org.

ABOUT THE MOTSEPE FOUNDATION

The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute towards eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed and marginalised people in South Africa, Africa and the world. In January 2013, Dr Patrice Motsepe and Dr Precious Moloi-Motsepe joined the Giving Pledge which was started by Warren Buffet and Bill and Melinda Gates. Dr Patrice Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond. For more information, visit motsepefoundation.org.

MEDIA CONTACT:
Chad Clinton
202-262-1067
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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
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• Memorandum of Understanding sets the groundwork for the two companies to cooperate on the joint development of a new LNG modularized solution for the above 1 and up to 2 MTPA range for the onshore market
• The solution will complement the existing Baker Hughes’ 1 MTPA range LNG Mid-scale Modular Solution (MMS) and Technip Energies’ above 2 MTPA SnapLNG^TM solution
• Collaboration looks at increased demand for modular LNG projects to generate more gas capacity and accelerate time-to-market to meet increasing energy needs.

PARIS--(BUSINESS WIRE)--Technip Energies (Paris:TE) (ISIN:NL0014559478) and Baker Hughes (NASDAQ: BKR), two leading energy technology companies, announced Thursday a Memorandum of Understanding (MoU) that sets the groundwork for their cooperation on the joint development of a new above 1 and up to 2 million tons per annum (MTPA) range liquefied natural gas (LNG) modularized solution for the onshore market.

With the ambition to reduce time- to-market for LNG to meet today’s energy demand, this joint development aims to provide an additional offering to the two companies’ respective proprietary LNG modularized solutions: Baker Hughes’ 1 MTPA range LNG Mid-scale Modular Solution (MMS), with a production capacity of 0.8 to 1 MTPA, and Technip Energies’ “SnapLNG^TM” with a production capacity of 2 to 3 MTPA.

Technip Energies and Baker Hughes are recognized industry leaders in the LNG space. The agreement builds on their long-standing collaboration and proven track record of executing LNG projects, recognizing the important growth in mid-size LNG as demand increases for modular LNG projects capable of generating more gas capacity.

Arnaud Pieton, CEO of Technip Energies, stated: “Cooperating in advancing technology in LNG with our long-term partner Baker Hughes is an important step for the energy industry and for our clients. The combination of our expertise, modular approach and references will enable shorter delivery times and better affordability. Importantly, it reflects Technip Energies’ commitment to deliver low-emission liquefaction solutions through electrification and the elimination of fugitive emissions to accelerate the energy transition”.

Lorenzo Simonelli, Chairman and CEO of Baker Hughes, said: “This agreement is a milestone in our relationship with Technip Energies, and it is mutually beneficial to both companies, leveraging our respective technology expertise and proven track record in the LNG space while maximizing benefits for our customers. LNG will continue to play a key role to

solve the energy trilemma, and the ability to accelerate time-to-production through modularized solutions can be a differentiator.”

Technip Energies’ portfolio already includes SnapLNG^TM, a modularized compact and fully electrified solution for the 2 to 3 MTPA, which provides greater certainty around both costs and schedule. It covers the liquefaction as well as the necessary pre-treatment and utilities units. SnapLNG^TM highlights Technip Energies’ experience of more than a decade in successfully designing and delivering LNG modular projects and is particularly suited for low-to-zero carbon footprint LNG developments.

Baker Hughes has provided plug-and-play modular solutions for LNG for over 10 years, catering to different-sized projects. Its 1 MTPA range LNG Mid-scale Modular Solution (MMS) provides a flexible, standardized, and scalable solution for lowering the carbon footprint of the liquefaction process and faster time to LNG.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) trading over-the-counter in the United States.
For further information: www.technipenergies.com.

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet.
Visit us at bakerhughes.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Contacts Technip Energies

Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 20 7585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 (1) 85 67 40 95
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Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
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Contacts Baker Hughes

Media relations
Chiara Toniato
Mobile: +39 3463823419
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