ROCHESTER, N.Y.--(BUSINESS WIRE)--#USmanufacturing--Linton Crystal Technologies (LCT), headquartered in Rochester, New York, announced today it will produce semiconductor and solar manufacturing equipment in the United States. This is the first Inflation Reduction Act related announcement for producing solar machine tools in the United States. LCT plans to break ground in Q2 2023.

“We’ve been working on this plan for a while now and are looking forward to reshoring manufacturing to the United States,” said Todd Barnum, president and CEO of Linton Crystal Technologies. “As a U.S. company with Chinese ownership, Linton Technologies Group, the geopolitical issues have been difficult to navigate. Our company used to manufacture in Rochester and we’re eager to get back to the United States.”

Efforts are underway to secure a site as soon as possible, with future plans for expansion to accommodate international orders as necessary. Linton is also developing an international service team to support customers worldwide as the industry looks to grow and improve processes and efficiency.

The company will establish a manufacturing center to build and demonstrate the full line of equipment represented by Linton Technologies Group. This includes Czochralski (CZ) furnaces for monocrystalline silicon ingots, both semiconductor and solar grade, and the machines for producing solar ingots and wafers, including wire saws and polishing equipment. Linton will be the first company to return this technology to the United States.

Linton’s initial investment of $10M will be used to add a new facility, establish a demonstration line, and build 1-2 gigawatts of production capacity, all by the end of year one. This will grow the company’s workforce to more than 75 employees. Linton’s goal is to exceed 2008 employment numbers, when the company had nearly 200 employees, at its New York factory by the end of year two.

“I’m excited to break ground. This creates more opportunities for our employees, new employees and their families,” Barnum said. “The IRA and CHIPS Act have created the pathway for manufacturing investment to fulfill the need for U.S.-made products. We’re going to meet that demand and we have the expertise to scale rapidly.”

Linton Crystal Technologies has a long history of manufacturing innovation. The company originated in Rochester in 1952 as a wire saw manufacturer, Hamco, and through a series of purchases became Kayex, a manufacturer of CZ crystal pullers. Linton has been the exclusive owner of Kayex technology since 2013 (the IP resides with LCT in the United States). The company also continues to advance the design of the machines. It holds several patents, with others under application.

For more information, visit www.lintoncrystal.com.

Media Contact:
Cindy McVey
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FORT WORTH, Texas--(BUSINESS WIRE)--As previously announced, in connection with its initial public offering (the “IPO”), TXO Energy Partners, L.P. (formerly known as MorningStar Partners, L.P., “TXO”) (NYSE: TXO) granted the underwriters of its IPO an option to purchase up to an additional 750,000 common units representing limited partner interests in TXO (the “common units”) at the IPO price, less underwriting discounts and commissions. Today, TXO announced that the IPO underwriters exercised their over-allotment option and purchased an additional 750,000 common units (the “Additional Common Units”) at the IPO price of $20.00 per common unit, resulting in additional gross proceeds of $15,000,0000 before deducting underwriting discounts and commissions. The sale of the Additional Common Units was consummated on February 6, 2023.

Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities acted as joint book-running managers for the offering. The offering was made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the final prospectus relating to this offering may be obtained from any of the following sources:

Important Information

A registration statement on Form S-1 relating to the offering of these securities was declared effective by the Securities and Exchange Commission on January 26, 2023. The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained free of charge at the SEC’s website at www.sec.gov under “TXO Energy Partners, L.P.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About TXO Energy Partners, L.P.

TXO Energy Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO’s current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the words such as “possible,” “if,” “will” and “expect” and contain statements regarding the size, timing or results of the initial public offering. These forward-looking statements represent TXO’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved, and they are subject to risks, uncertainties and other factors, many of which are outside of TXO’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, TXO does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TXO to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with TXO’s initial public offering. The risk factors and other factors noted in TXO’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement. You are cautioned not to place undue reliance on these forward-looking statements.

TXO Energy Partners, L.P.
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LOS ANGELES & AUCKLAND, New Zealand--(BUSINESS WIRE)--#aerospace--Universal Hydrogen Co., whose mission is to make hydrogen aviation a near-term reality, today announced it has signed a strategic agreement with Air New Zealand as part of the airline’s expanding Mission Next Gen Aircraft program. Air New Zealand has today named Universal Hydrogen to its long-term partner program as it seeks to find sustainable solutions for its fleet.

Air New Zealand’s Chief Sustainability Officer Kiri Hannifin says the airline has bold sustainability goals that won’t be met by a ‘business as usual’ approach. “Mission Next Gen Aircraft aims to accelerate the technology and infrastructure needed to decarbonize our domestic flights, by joining forces with the world’s leading aircraft developers, innovators, and infrastructure providers. We want to be a leader in the roll out of zero emissions aircraft in New Zealand. Having Universal Hydrogen as one of our long-term partners will grow our collective understanding of zero emissions aircraft technology as it develops and will give them the confidence they are developing a product that’s well-suited for our fleet.”

Universal Hydrogen is developing a solution to convert existing regional airplanes to fly on hydrogen and to supply hydrogen to the fleet using a modular fueling approach, which eliminates the need for new airport infrastructure, speeds up the fueling operation, and reduces transfer losses throughout the hydrogen delivery chain. On completion of testing and certification, Universal Hydrogen’s conversion kits could be installed in Air New Zealand’s regional fleet.

“As the second-largest turboprop operator in the world, Air New Zealand is a trendsetter for the industry,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “We fully expect other airlines to follow in Air New Zealand’s footsteps toward a true zero emissions solution for their fleets. We’re thrilled to be selected alongside Air New Zealand’s other long-term partners—Airbus, ATR, Embraer, and Heart Aerospace—to quickly address aviation’s contributions to the climate crisis.”

About Universal Hydrogen 
Universal Hydrogen is building a hydrogen logistics network to fuel the future of aviation today. Hydrogen is the ideal fuel for flight and will power aviation’s new golden age, where planes are powered by renewables and emit nothing but water. The company’s modular hydrogen capsules move over the existing freight network from production directly to the airplane anywhere in the world. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen. The company has gathered the world’s leading aviation and hydrogen talent to give the industry the option of clean flight, forever.

About Air New Zealand 
Air New Zealand’s story started in 1940, first taking to the skies between Auckland and Sydney on a flying boat – a Short S30. Known for its warm Kiwi hospitality, today, the airline has 104 operating aircraft ranging from Boeing 787-9 Dreamliners and Airbus A320s to ATRs and Q300s, offering customers comfort in the latest most efficient jets and turboprops. It’s a modern fuel-efficient fleet with an average age of 7.3 years. Air New Zealand’s global network of passenger and cargo services centres around New Zealand. Pre-Covid, the airline flew more than 17 million passengers every year, with 3,400 flights per week. Air New Zealand was recently named the World’s Safest Airline by the Australian rating service AirlineRatings.com, highlighting the airline’s laser-focus on safety. This year, Air New Zealand won Best Corporate Reputation in New Zealand – 8th year in a row. Air New Zealand has a well-connected domestic business, connecting customers and cargo to 20 different regions around New Zealand. Internationally, the airline has direct flights to major cities across Australia, Asia, the Pacific Islands and the US, and through its strong relationships with alliance partners, offers customers more choice and convenience to connect further afield to hundreds of destinations. Air New Zealand has a particular focus on sustainability and its Sustainability Framework helps guide the airline’s efforts in tackling some of New Zealand’s and the world’s most complex challenges. Air New Zealand aircraft are proudly identified by its distinct tail livery of the Mangōpare, the Māori symbol of the hammerhead shark which represents strength, tenacity, and resilience.

Media
Kate Gundry
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• Great Britain’s SolarEdge Home Battery owners can participate in the Demand Flexibility Service to help stabilize the grid and earn financial incentives utilizing their stored battery energy during pre-scheduled ‘peak demand events’

MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, today announced the launch of its first Battery Virtual Power Plant supporting Great Britain’s National Grid ESO Demand Flexibility Service (“DFS”). The service is available to thousands of SolarEdge Home Battery owners across Great Britain with eligible smart meters, that are now able to earn financial incentives utilizing their stored battery energy during DFS peak demand events, which will be used to stabilize the grid.

As part of the DFS, energy suppliers have been asking participating customers to reduce their electricity consumption during pre-scheduled demand events. Starting today, SolarEdge Home Battery owners will be able to seamlessly minimize their grid consumption during each event and earn financial incentives by leveraging their stored battery energy. In addition, battery owners with an eligible export meter can earn even higher financial incentives by exporting their excess battery energy back into the grid. SolarEdge’s innovative technology will automatically optimize the battery charge and discharge during each demand event, maximizing homeowners’ benefits while helping to stabilize the grid.

Meir Adest, Co-Founder and Chief Product Officer at SolarEdge Technologies, commented: “This is a prime example of the transformational impact that battery storage can have in future grid stabilization and how homeowners can play their part. SolarEdge is dedicated to improving the ways energy is generated, stored and consumed and we believe that advances in solar and storage technologies are key to unlocking value at both the local and grid level. Our innovative technology simplifies the participation in demand response programs in a way that is smarter, more intuitive and more profitable for system owners.”

SolarEdge is listed on the approved providers list taking part in the ESO Demand Flexibility Service, here.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC-optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions.

SolarEdge is online at www.solaredge.com.

SolarEdge Technologies, Inc.
Lily Salkin Global Public and Media Relations Manager
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Dana Noyman Head of Corporate Communications and Global PR
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CARBON ATTEST program provides multi-level authentication of projects by combining Changeblock’s IoT approach with Martello’s ‘boots-on-ground’ expertise

LONDON--(BUSINESS WIRE)--Changeblock, a global technology company that develops technologies for creating and trading offsets, today announced a strategic partnership with Martello Risk called CARBON ATTEST. The new partnership enables multi-level authentication of carbon offsetting projects, providing buyers of credits the comfort of knowing their credits are legitimate, meet projected offsetting targets, and are compliant with regulations. The partnership combines Changeblock’s expertise in innovative technology and reliable, verifiable data, with Martello Risk’s experience in supply chain sustainability and risk management.

Carbon Attest will provide businesses with a range of services, including boots-on-the-ground investigations and audits, enhanced due diligence, supply chain sustainability and verification of projects meeting their carbon offsetting goals, as well as ensures compliance with anti-slavery and child labor regulations. Carbon Attest will also provide. strategic and competitor intelligence, social, environmental, and impact assessment, litigation support, and reputation management.

“We believe that the carbon offsetting industry needs to be more transparent, accurate and verifiable in order to combat climate change effectively,” said Billy Richards, CEO of Changeblock. “Changeblock uses IoT and remote sensing technologies to ensure the quality of the emission offsetting assets on its platform. With the addition of Martello Risk’s expertise in supply chain sustainability and risk management, we can provide businesses with a comprehensive multi-level authentication solution. This is a win-win for both originators and buyers of credits as all parties will be able to transact in the knowledge that their credits have been thoroughly verified to be meeting their emission reduction objectives, as well as ensuring compliance with regulations and best practices.”

“We are excited to be working with Changeblock to ensure the trading in carbon offsets achieves the highest levels of transparency, legitimacy, compliance and effectiveness,” said Caspar Fithen, CEO of Martello Risk. “With more than 50 years of combined experience working on the political economy of extractive industries in conflict-affected areas, we can follow supply chains all the way to the source, up to farms and mine sites deep in the African bush or the rainforests of Latin America and Asia. While this is a new market for us, the principles are the same: verification of compliance through boots-on-the-ground, but now further enhanced through Changeblock’s technology stack.”

About Changeblock

Changeblock creates global markets that make the creation and trade of environmental assets for individuals, businesses, and governments easy, affordable, transparent, secure, and environmentally responsible. The company is led by professionals with deep expertise in technology and environmental credits with proven track record of building and delivering solutions that work in the real world, including members of the team that created the first carbon credit, and come from top global organisations.

About Martello Risk

Martello Risk is a business intelligence, litigation support and natural resource audit company that works with companies around the world to ensure supply-chain sustainability and help them meet their corporate social responsibility (CSR) targets. The organisation offers a wide range of services for investigations and audits, litigation support, reputation management, due diligence, and regulatory compliance. Martello Risk is based in the UK and is privately held.

Cameron Thomas for Changeblock
416 660 9801 (Canada)
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HOUSTON--(BUSINESS WIRE)--Waste Management, Inc. (NYSE: WM) announced today that its board of directors has elected Bruce Chinn, President and Chief Executive Officer of Chevron Phillips Chemical Company LLC, as an additional member of its board of directors, to be effective on February 10, 2023.

“We are pleased to welcome Bruce to the Board following a comprehensive search for talented and thoughtful leaders,” said Tom Weidemeyer, WM’s chairman. “Bruce’s extensive business leadership experience and dedication to operating excellence and developing strong cultures will make him a great addition to our Board.”

Mr. Chinn, 65, has over 40 years of experience driving operational, safety, and financial results. Since 2021, he has served as Chief Executive Officer and a member of the board of directors of Chevron Phillips Chemical Company LLC, a global petrochemical joint venture of Chevron U.S.A. Inc. and Phillips 66 Company, where he is focused on leading the company through a period of sustainable growth. Prior to his current role, he held several operations and business leadership roles at Chevron Corporation. Before joining Chevron in 2006, Mr. Chinn spent close to 30 years at DuPont in numerous roles of increasing responsibility and scale where he effectively led diverse organizations. He holds a Bachelor of Science in Chemical Engineering from Texas A&M University.

“We look forward to working with Bruce as he joins our Board. He brings a passion for circular solutions and renewable energy that is well aligned with WM’s focus on growth in our recycling and renewable energy businesses,” commented Jim Fish, President and Chief Executive Officer. “In addition, his extensive operations leadership will be valuable to our team as we continue to drive operating efficiencies, enhance our safety culture, and differentiate our service offerings.”

Mr. Chinn will serve on the Audit Committee of the Board. His election expands WM’s board of directors to 10 members, nine of whom are independent directors.

ABOUT WM

WM (WM.com) is North America's largest comprehensive waste management environmental solutions provider. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial reuse of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM's fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America – where more than half are fueled by renewable natural gas. To learn more about WM and the company's sustainability progress and solutions, visit Sustainability.WM.com.

Waste Management

Website
investors.wm.com

Analysts
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NEW YORK--(BUSINESS WIRE)--Equinor and bp have announced that Skanska USA has been chosen as the Construction Manager for the port upgrade of the South Brooklyn Marine Terminal (SBMT). A transformative project in Southwest Brooklyn, the SBMT site will build upon its decades-long history as a staple of Brooklyn’s working waterfront by becoming an industry-leading offshore wind port for the Empire Wind and Beacon Wind projects, which are being developed off the coast of Long Island through a 50-50 partnership between Equinor and bp. Skanska’s initial involvement will be to provide pre-construction services.

The announcement was made at Equinor's Supply Chain Expo at the CUNY Graduate Center, an event focused on helping local and regional manufacturers participate in New York’s new offshore wind industry and connecting them directly with Equinor and its key suppliers.

SBMT will provide crucial infrastructure for the construction of the Empire and Beacon Wind projects, which will bring 3.3 GW of offshore wind power into New York, powering around 2 million homes. SBMT will be equipped to receive, store and pre-assemble key components for offshore wind turbines, serve as the operations and maintenance base for the wind farms, and include a substation that will serve as the point of interconnection to link the power from Empire Wind 1 into the local power grid.

“The South Brooklyn Marine Terminal will play an integral role in powering New York homes with offshore wind energy, while restoring the working waterfront of Sunset Park and creating renewable energy career opportunities. SBMT is at the heart of our offshore wind hub, and once completed, will become a leading port facility for offshore wind nationwide. Skanska has a long history of construction in the neighborhoods of our projects, Empire Wind and Beacon Wind. Together, we will collaborate in seeking to lower emissions from construction and bringing communities as well as minority and women owned business enterprises (MWBEs) into the supply chain. Equinor is excited to begin working with Skanska to transform the South Brooklyn Marine Terminal into a leading offshore wind hub for the community, New York State, and the nation,” said Molly Morris President of Equinor Wind US.

Matthias Bausenwein, bp’s senior vice president offshore wind, said: “This port upgrade allows us to keep growing good offshore wind jobs and will help position the South Brooklyn Marine Terminal as a cornerstone for New York’s expanding offshore wind industry. We’re pleased that Skanska will join us in advancing this exciting project that supports the state’s net-zero ambitions – and those of our companies.”

Skanska, a 135-year-old firm, has been in New York City since 1971 when they worked on their first US project to rebuild the New York City Subway. Since then, the United States has become the company’s single largest market. Some of their major projects in New York include the Moynihan Train Hall, the World Trade Center Oculus and the new LaGuardia Terminal B, recognized for its construction approach to sustainability and resilience from the Institute for Sustainable Infrastructure. Skanska also has a long history of working with New York MWBEs and union labor and will play an integral role in creating local job opportunities during the SBMT redevelopment.

“Skanska is delighted to partner with Equinor and bp on this cutting-edge project that will provide clean energy to millions of New Yorkers and reinforces our commitment to build for a better society. Through the strength of our building and civil construction operations here in New York City, this project will play a vital role in the community, providing a significant source of sustainable and renewable energy, while enhancing supplier diversity and increasing economic activity,” said Justin Post, Senior Vice President, Skanska USA Building.

Once completed, the terminal will be one of the largest offshore wind hubs in the nation and will serve as a national model for creating an offshore wind energy hub. Construction is expected to begin in 2024.

Equinor Renewables US

Equinor is one of the largest offshore wind developers in the world. Its work in the United States includes the development of two lease areas off of New York, Empire Wind and Beacon Wind. The projects plan to provide New York State with 3.3 gigawatts (GWs) of energy—enough to power nearly two million homes—including more than 2 GWs from Empire Wind and 1,230 megawatts from Beacon Wind 1. www.equinor.com/NY

bp in the US

bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $135 billion in the economy and supporting about 245,000 jobs. For more information on bp in the US, visit www.bp.com/us.

About Empire Wind

Empire Wind is being developed by Equinor and bp through their 50-50 strategic partnership in the US. Empire Wind will power more than 1 million homes and generate 2.1 GW of power. For more information, please visit www.empirewind.com.

About Beacon Wind

Beacon Wind is being developed by Equinor and bp and planned for an area of 128,000 acres in federal waters between Cape Cod and Long Island. The lease area was acquired in 2019 and is being developed in two phases. Beacon Wind 1 is on track to deliver 1.2 GW of renewable energy directly to New York City in the late 2020s – enough to power 1 million homes. Beacon Wind 2 has the capacity to generate another 1.2 GW of clean energy for consumers in the US Northeast. www.beaconwind.com

Lauren Shane
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Brian Young
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• Revenue of $2.07 billion, up 10% sequentially and 37% year-over-year
• Operating Profit of $162 million, up $107 million sequentially and $177 million year-over-year
• Net Income of $104 million, or $0.26 per fully diluted share
• Adjusted EBITDA* of $231 million, up $36 million sequentially and $162 million year-over-year

*Adjusted EBITDA is a non-GAAP measure, see “Non-GAAP Financial Measures” and “Reconciliation of Adjusted EBITDA to Net Income (Loss)” below.

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported fourth quarter 2022 revenues of $2.07 billion, an increase of 10 percent compared to the third quarter of 2022 and an increase of 37 percent compared to the fourth quarter of 2021. Net income for the fourth quarter of 2022 was $104 million, or 5.0 percent of sales. Operating profit was $162 million, or 7.8 percent of sales. Under Other Items the Company recorded a net pre-tax credit of $8 million (see Corporate Information for additional details). Adjusted EBITDA increased sequentially to $231 million, or 11.1 percent of sales.

Revenues for the full year 2022 were $7.24 billion, an increase of $1.71 billion, or 31%, compared to full year 2021. Net income for the full year 2022 was $155 million, or 2.1 percent of sales, which included $114 million of pre-tax Other Items. Operating profit for full year 2022 was $264 million, or 3.6 percent of sales. Adjusted EBITDA for the full year was $679 million, or 9.4 percent of sales.

“Our fourth quarter results reflect a strong finish to a year that saw rising demand for NOV’s products and services, gradually normalizing global supply chains, and improving execution by our organization,” stated Clay Williams, Chairman, President, and CEO. “For the past two years, our short-cycle businesses within North America have driven our post-pandemic recovery. As we completed 2022, we began to see international and offshore markets inflect and accelerate, a trend we expect to drive improving orders for our longer-cycle businesses over the next few years and beyond.”

“While recent declines in North American natural gas prices and persistent global recession risks may pose near-term headwinds to oilfield activity, we believe that the world simply must rebuild and fortify its petroleum supply capability soon and a sustained oil and gas up-cycle is required to increase energy security across the globe. Years of chronic underinvestment and a pandemic lockdown that severely stunted capacity make this up-cycle all the more urgent and daunting. NOV is up to the challenge. We stand ready to equip the industry with the tools necessary to do the job efficiently, economically, safely, and with minimal environmental impact.”

Wellbore Technologies
Wellbore Technologies generated revenues of $762 million in the fourth quarter of 2022, an increase of three percent from the third quarter of 2022 and an increase of 32 percent from the fourth quarter of 2021. Operating profit was $110 million, or 14.4 percent of sales, and included a credit of $1 million from Other Items. Adjusted EBITDA increased $1 million sequentially and $58 million from the prior year to $146 million, or 19.2 percent of sales. Accelerating demand in international markets was partially offset by lingering supply chain disruptions, which delayed product deliveries.

Completion & Production Solutions
Completion & Production Solutions generated revenues of $738 million in the fourth quarter of 2022, an increase of eight percent from the third quarter of 2022 and an increase of 34 percent from the fourth quarter of 2021. Operating profit was $50 million, or 6.8 percent of sales. Adjusted EBITDA increased $10 million sequentially and $64 million from the prior year to $66 million, or 8.9 percent of sales. Growing demand for completion equipment and greater progress on the segment’s growing backlog of offshore projects drove improved results.

New orders booked during the quarter totaled $557 million, representing a book-to-bill of 118 percent when compared to the $472 million of orders shipped from backlog. As of December 31, 2022, backlog for capital equipment orders for Completion & Production Solutions was $1.60 billion, an increase of eight percent from the third quarter of 2022 and an increase of 24 percent from the fourth quarter of 2021.

Rig Technologies
Rig Technologies generated revenues of $620 million in the fourth quarter of 2022, an increase of 21 percent from the third quarter of 2022 and an increase of 44 percent from the fourth quarter of 2021. Operating profit was $80 million, or 12.9 percent of sales, and included a credit of $11 million from Other Items. Adjusted EBITDA increased $36 million sequentially and $67 million from the prior year to $88 million, or 14.2 percent of sales. Strong demand for aftermarket parts and services combined with improving global supply chains, and an increase in capital equipment deliveries drove the improved results.

New capital equipment orders booked during the quarter totaled $254 million, representing a book-to-bill of 99 percent when compared to the $257 million of orders shipped from backlog. As of December 31, 2022, backlog for capital equipment orders for Rig Technologies totaled $2.79 billion, an increase of $12 million from the third quarter of 2022 and an increase of $26 million from the fourth quarter of 2021.

Corporate Information
During the fourth quarter, the Company recorded a net credit of $8 million in Other Items, primarily related to gains on sales of previously reserved inventory (see Reconciliation of Adjusted EBITDA to Net Income (Loss)).

As of December 31, 2022, the Company had total debt of $1.73 billion, with $2.00 billion available on its primary revolving credit facility, and $1.07 billion in cash and cash equivalents.

Significant Achievements
NOV completed the landmark delivery of an integrated drilling equipment and subsea package for the world’s second 8th-generation drillship. The drillship is the most technically capable drilling rig in the world, equipped with the world’s first two 20,000-psi subsea blowout preventers (BOPs), the world’s first three-million-pound hook load hoisting system, and the world’s first five 10,000-psi mud pumps. NOV developed, tested, and manufactured more than 30 new products for the rig in preparation for 20,000-psi operations with a super major in the U.S. Gulf of Mexico. These products were qualified and delivered on time – a testament to NOV’s unmatched expertise in providing innovative and differentiated drilling solutions to the offshore industry.

NOV sold 20,000 horsepower of Ideal™ eFrac pressure pumping equipment to a leading North American stimulation service company during the quarter. NOV’s 5,000 HHP Ideal eFrac pumps consistently displace up to three conventional frac units on location and are proven to reduce operational expenses on pump maintenance by up to 30%.

NOV secured orders from two customers for the design licenses and jacking systems of two NG-20000X wind turbine installation vessels. Designed for larger and heavier next generation wind turbines, the NG-20000X is intended for use in harsh environments and water depths of up to 70 meters. With its fourth and fifth orders for this class of vessel, NOV continues to prove its ability to develop new industry standard solutions for vessels and jacking systems by working closely with key market players and customizing NOV’s proprietary technology to our customers' specific needs.

NOV signed a contract with a major semiconductor manufacturer to supply FM 4922-compliant fume-and-smoke exhaust composite ducts designed to reduce fire risks in cleanroom operations. The multi-million-dollar award is destined for a new $17 billion semiconductor plant project under construction in Taylor, Texas. This order represents NOV’s entry into FM 4922-compliant composite ducts.

NOV received two orders for new, leading-edge drill pipe product offerings. NOV received orders from the Middle East for its newly introduced, high-strength 135-KSI drill pipe for use in mildly sour environments, delivering the performance of an S135 product with the added benefits of sulfide stress cracking resistance. The strings will incorporate Grant Prideco’s Delta™ connection, which has become the premier choice for drilling wells around the world. NOV also received an award from a major National Oil Company in the Asia Pacific region to drill extremely challenging wells using Grant Prideco™ drill pipe with TurboTorque™ (TT™) ultra-high torque connections. TT connections are the industry’s first rotary-shouldered connections designed to meet the specific needs of each pipe size. Taking a “one size does not fit all” approach, the TurboTorque product line has three distinct configurations optimized to best meet individualized performance objectives. Grant Prideco’s technical support and guidance throughout the drill string selection process, as well as the historical performance of the connection, made NOV an easy choice for the customer.

NOV signed a contract with a major engineering, procurement, and construction company to supply composite piping systems for production facilities associated with the Tilenga project in Uganda. NOV’s operations in the Middle East and Southeast Asia regions will supply engineering services, composite piping systems, fabrication, and field services to complete the project in 2023.

NOV secured several large tenders in the West African region for its Viper™ Connectors, an encouraging signal of recovering activity for a key deep-water market. Developed for deep-water and ultra-deep-water projects where reliability and fatigue performance are paramount, the field-proven Viper connector is the top choice for extreme-service conductor and casing applications.

NOV established a new performance benchmark with its Agitator™ZP friction reduction tool while drilling a deviated three-mile lateral in the 6¾-inch section for a major operator in West Texas. Throughout the run, the AgitatorZP tool enabled the operator to maintain high motor differentials and flow rate. The AgitatorHE On-Demand system, placed higher in the string, only had to be activated for the final 1,600 feet of the lateral. Improved drilling performance and directional control, along with the ability to rotate and slide efficiently with zero pressure drop, led to subsequent two- and three-mile runs with the same operator.

NOV supported pioneering efforts to more efficiently develop geothermal resources during the quarter. In December, the Department of Energy awarded $9 million to the GLADE (Geothermal Limitless Approach to Drilling Efficiencies) project for drilling a pair of geothermal wells under the DJ Basin in Colorado. ReedHycalog will support the drilling operations with its Phoenix™ series drill bits, incorporating the latest ION+™ cutter technology. Additionally, NOV secured an award to supply drill bits for a key geothermal client in East Africa and delivered drill bits for geothermal drilling programs in Italy and Switzerland.

NOV secured two new geothermal contracts for its TK™-Liner in Europe. The project is a first-of-its-kind for Denmark and a significant milestone for Tuboscope™ and TK-Liner in the European renewables / geothermal heating market. As countries across Europe continue to seek ways to phase out coal to meet climate targets, the success of this project will potentially inspire other nations to consider geothermal as a viable heating solution for homes. Since 2020, Tuboscope has supplied more than 28 miles (48 km) of large-diameter TK-Lined pipe for geothermal applications.

NOV’s Managed Pressure Drilling (MPD) team secured several significant contract awards during the quarter. A major offshore drilling contractor conducted a system evaluation and chose NOV MPD as the new standard for its Applied-Surface-Back-Pressure MPD system across its fleet of rigs. NOV will deliver the first MPD Integrated-Riser-Joint package to the customer with additional orders expected to follow. A second significant MPD order received during the quarter, bound for offshore Western Australia, includes a topside manifold and slimline jack-up rotating control device system. As deck space is at a premium onboard any offshore rig, the reduced footprint of NOV’s system as well as its ability to accommodate a variety of topside arrangements was a key differentiator for the customer.

NOV’s Downhole Broadband Solutions (DBS) business continues to gather market momentum with its full suite of drilling optimization services that include visualization tools, wired drill pipe (WDP), downhole drilling tools, and real-time sensors. Two major independent customers, pleased with the improved drilling and wellbore construction performance enabled by NOV’s DBS products, signed contract extensions for drilling operations on the Norwegian Continental Shelf. Additionally, NOV received its first order for wired Delta™ pipe connections for a major operator in Qatar. Combining real-time downhole data with the performance and total cost advantages of the Delta connection represents a huge advancement for both technologies. Customers continue to recognize the value that DBS technology provides, not only for enhancing drilling operations but also for improving the net-to-gross reservoir ratio in production formations worldwide.

Fourth Quarter Earnings Conference Call
NOV will hold a conference call to discuss its fourth quarter 2022 results on February 7, 2023 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV
NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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Upon successful completion of its upcoming first flight, Universal Hydrogen’s 40+ passenger Dash 8-300 will be the largest hydrogen fuel cell-powered aircraft to ever fly

LOS ANGELES--(BUSINESS WIRE)--#aerospace--Universal Hydrogen Co., whose mission is to make hydrogen aviation a near-term reality, today announced it was granted a special airworthiness certificate in the experimental category by the Federal Aviation Administration (FAA) to proceed with the first flight of its hydrogen-powered regional aircraft. The company also released video footage of successful first taxi tests of the aircraft, designed to evaluate ground handling qualities and the performance of the fuel-cell electric powertrain at low power settings and airspeeds.

The Dash 8-300 flying testbed has a megawatt-class hydrogen fuel cell powertrain installed in one of its nacelles. The powertrain is in a configuration that closely resembles the company’s first product—a conversion kit for ATR 72-600 regional airliners—which is expected to be certified and in commercial passenger service starting in 2025. Notably, Universal Hydrogen’s powertrain does not utilize a hybrid battery architecture—a major innovation—with all of the power transmitted directly from the fuel cells to the electric motor, significantly decreasing weight and lifecycle cost.

The FAA approval clears the way for the first flight of the Dash 8-300 flying testbed which will take place at Grant County International Airport in Moses Lake, Washington. The aircraft will be by far the largest hydrogen fuel cell-powered airplane to take to the skies, and second as a hydrogen-powered aircraft only to the Soviet flight test in 1988 of a Tupolev Tu-155 airliner with one of its jet engines converted to burn hydrogen.

Universal Hydrogen unveiled in December 2022 first operational tests of its modular hydrogen delivery system at its engineering center in Toulouse, France. Those tests demonstrated a pragmatic, near-term, and highly scalable approach to hydrogen delivery to airports and into the aircraft using a modular capsule technology. This eliminates the need for costly new infrastructure, with any airport capable of handling cargo being hydrogen-ready. It also eliminates transfer losses and significantly speeds up hydrogen fueling operations—both significant pain points for the zero-emissions fuel.

“We are simultaneously providing a pragmatic, near-term solution for hydrogen infrastructure and delivery, as well as for converting existing passenger aircraft to use this lightweight, safe, and true-zero-emissions fuel,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “Today’s milestones are essential, important steps to putting the industry on a trajectory to meet Paris Agreement obligations. The only alternative is curtailing aviation traffic growth to curb emissions.”

About Universal Hydrogen

Universal Hydrogen is building a hydrogen logistics network to fuel the future of aviation today. Hydrogen is the ideal fuel for flight and will power aviation’s new golden age, where planes are powered by renewables and emit nothing but water. The company’s modular hydrogen capsules move over the existing freight network from production directly to the airplane anywhere in the world. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen. The company has gathered the world’s leading aviation and hydrogen talent to give the industry the option of clean flight, forever.

Media
Kate Gundry
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617-797-5174

• Optimally size your EV charging infrastructure for predictable returns using Xendee’s MOBILITY offering.
• Optimize designs to avoid exposure to time-of-use consumption and demand charges.
• Compare different Charging-as-a-Service models and investment strategies to meet organizational goals of added resiliency, reduced costs, and reduced emissions.

SAN DIEGO--(BUSINESS WIRE)--#chargingstations--Xendee, a provider of microgrid design and operation software, has released a new offering called MOBILITY that enables firms to rapidly design EV charging infrastructure along with supporting Distributed Energy Resources. With this offering, developers, engineering firms, and EPCs will be able to model EV charging stations for predictable returns and factor in site-specific properties like changing EV loads, time-of-use charges, demand charges, localized incentives, EV specific tariffs and building load tariffs on the same site.

Based on these factors, and organizational goals like reducing costs, increasing resiliency, and emission reduction, Xendee generates an optimal mix of DER technologies and a detailed charging solution for each site to maximize returns. Xendee can also help analyze different Charging-as-a-Service models. Analyses can then be quickly compared to see overall system capabilities and financial projections at a glance based on different levels of investment and technology mixes (EV chargers and DERs), and different site requirements such as the ability to ride through an extended outage.

"Xendee allows engineers, developers and site owners to analyze the many uncertainties in the evolving EV charging ecosystem and generate robust designs and Charging-as-a-Service models to deliver on RoI targets," said Akshaya Gulhati, Chief Business Officer at Xendee. "Xendee’s solution is robust, allowing the user to model multiple parameters changing over time and test different pricing models by type of charger.”

Xendee’s MOBILITY includes considerations for multiple types of chargers, multiple tariffs and new or existing solar PV, battery systems, and generators which could support the charging infrastructure and/ or serve building load.

During the optimization process, teams can instruct Xendee to optimize for different organizational goals or Charging-as-a-Service models. Users can also run multiple optimizations to create a series of easily comparable scenarios that investors and business leaders can select from to meet their environmental and financial goals. Xendee’s MOBILITY can also support sales and business development professionals to run rapid viability studies and help them rank order potential charging sites based on RoI.

“Xendee’s new MOBILITY offering is configured to make the societal transition to electric vehicles reliable and efficient while also catering to the unique needs of each site location,” said Michael Stadler, Chief Technology Officer and co-founder of Xendee. “This is all tailored to support EV charging rollout with or without utility connection, and to transition to cleaner, more sustainable technologies while still meeting fiduciary obligations to investors. All these new features come on top of the existing Microgrid and Power flow modeling capabilities that make Xendee such a strong modeling tool.”

About Xendee Corporation

Xendee is the new standard in distributed energy system design and operation. The award winning platform enables the identification, design and operations of complex DERs and microgrids. It allows users to rapidly select high potential sites from a portfolio of sites, optimize individual site designs, and operate sites in real-time to deliver on the design promise. Xendee’s software can model up to 25 different DER technologies and calculates the optimal techno-economic solution for each site individually to meet organizational goals. These goals can include reducing costs, cutting CO2 emissions, increasing resilience, or a combination of all three. Learn more about the clean energy platform or take your first steps towards net-zero carbon and reducing your scope 1 & 2 emissions by setting up a call with us at xendee.com/demo.

Jay Gadbois
Digital Marketing Manager | Xendee
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Quarterly revenues were $124.8 million; GAAP earnings were $0.40 per diluted share; non-GAAP earnings were $0.48 per diluted share

$18.7 million used for share repurchases in the fourth quarter with $81.3 million remaining on authorization at quarter-end; quarterly dividend rising by six percent to $0.19 per share

SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (NASDAQ: POWI) today announced financial results for the quarter and year ended December 31, 2022. Net revenues for the fourth quarter were $124.8 million, down 22 percent compared to the prior quarter and down 28 percent from the fourth quarter of 2021. Net income for the fourth quarter was $22.8 million or $0.40 per diluted share compared to $0.80 per diluted share in the prior quarter and $0.66 per diluted share in the fourth quarter of 2021. Cash flow from operations for the fourth quarter was $24.1 million.

For the full year, net revenues were $651.1 million dollars, down seven percent from the prior year. Net income for 2022 was $170.9 million or $2.93 per diluted share, compared to $2.67 per diluted share in the prior year. Cash flow from operations for the full year was $215.3 million.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, net other operating expenses of $1.1 million in the second quarter of 2022 stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. Non-GAAP net income for the fourth quarter of 2022 was $27.9 million or $0.48 per diluted share compared to $0.84 per diluted share in the prior quarter and $0.83 per diluted share in the fourth quarter of 2021. Full-year non-GAAP net income was $191.9 million or $3.29 per diluted share compared to $3.26 per diluted share in the prior year. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Our results and outlook reflect weaker demand across most end-markets, as well as excess inventory in the supply chain. However, distribution inventory decreased in the fourth quarter, with further improvement to come in the months ahead, and we expect revenues to bottom in the first quarter. While the demand environment remains uncertain, we are well positioned for a recovery with a strong pipeline of design activity and a broad range of growth drivers including our highly integrated GaN products, motor-drive, renewable energy, EVs and advanced charging for mobile devices.”

Additional Highlights

• Power Integrations repurchased approximately 266,000 shares of its common stock during the fourth quarter for $18.7 million. The company had $81.3 million remaining on its repurchase authorization at quarter-end.
• The company paid a dividend of $0.18 per share on December 30, 2022. A dividend of $0.19 per share is to be paid on March 31, 2023, to stockholders of record as of February 28, 2023.
• In December, Power Integrations received Great Place to Work Certification™ following an anonymous survey in which 82 percent of the company’s employees said that Power Integrations is a great place to work – 25 points higher than the average U.S. company.

Financial Outlook

The company issued the following forecast for the first quarter of 2023:

• Revenues are expected to be $105 million plus or minus $5 million.
• GAAP gross margin is expected to be approximately 53 percent, and non-GAAP gross margin is expected to be approximately 53.5 percent. The difference between GAAP and non-GAAP gross margins is approximately equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
• GAAP operating expenses are expected to be between $49 million and $49.5 million; non-GAAP operating expenses are expected to be between $42 million and $42.5 million. Non-GAAP expenses are expected to exclude about $7 million of stock-based compensation.

Conference Call Today at 1:30 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: https://conferencingportals.com/event/iobnvsok. A live webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.

Note Regarding Use of Non-GAAP Financial Measures

In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, net other operating expenses of $1.1 million in the second quarter of 2022 stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its first-quarter financial performance, revenue bottoming in the first quarter and being well positioned for a recovery are forward-looking statements reflecting management's current expectations and beliefs. These statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global economic and geopolitical conditions, including such factors as inflation, armed conflicts and trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 7, 2022. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by law.

Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.