NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the fourth quarter of 2022 and year ended December 31, 2022.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “We finished the year with another strong quarter of RNG deliveries with a 21% increase from the fourth quarter of 2021. We continue to execute on our growth plans around RNG supply and the build out of new stations to accommodate Amazon and other fleets. We addressed our near-term capital needs with a $150 million debt raise to support RNG growth and bridge us well into 2023 when our dairy projects and volumes at new stations are anticipated to add to our cash flow profile. Despite some formidable head winds around lower environmental credits prices and a spike in California natural gas prices during the fourth quarter we finished the year with solid financial results and a well-funded balance sheet.”

The Company sold 54.4 million gallons of renewable natural gas (“RNG”) in the fourth quarter of 2022, a 21.2% increase compared to the fourth quarter of 2021. For the year ended December 31, 2022, the Company sold 198.2 million gallons of RNG compared to 167.0 million gallons sold in the same period in 2021, an 18.7% increase.

The Company’s revenue for the fourth quarter of 2022 was $113.8 million, an increase of $21.9 million compared to $91.9 million in the fourth quarter of 2021. Revenue for the fourth quarter of 2022 was reduced by $8.8 million of non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the “Amazon warrant”), compared to Amazon warrant charges of $3.4 million in the fourth quarter of 2021. Revenue for the fourth quarter of 2022 also included an unrealized gain of $2.1 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.3 million in the fourth quarter of 2021. The increase in revenue was principally the result of higher sales price of natural gas and an increase in the number of gallons sold and serviced, partially offset by lower average low carbon fuel standards (“LCFS”) credit prices and lower average renewable identification number (“RIN”) prices during the quarter. Alternative fuel excise tax credit (“AFTC”) revenue was $5.5 million in the fourth quarter of 2022, compared to AFTC revenue of $5.7 million in the fourth quarter of 2021. Station construction revenue increased by $3.4 million to $6.6 million for the fourth quarter of 2022, compared to $3.2 million for the fourth quarter of 2021, due to increased construction activities.

The Company’s revenue for the year ended December 31, 2022 was $420.2 million, an increase of $164.6 million compared to $255.6 million in the year ended December 31, 2021. Revenue for the year ended December 31, 2022 was reduced by $24.3 million of Amazon warrant charges, compared to Amazon warrant charges of $83.6 million in the year ended December 31, 2021. Revenue for the year ended December 31, 2022 also included an unrealized gain of $0.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $3.5 million in the year ended December 31, 2021. The increase in revenue was principally the result of higher sales price of natural gas and an increase in the number of gallons sold and serviced, partially offset by lower average LCFS credit prices in 2022. Revenue for the year ended December 31, 2022 included AFTC revenue of $21.8 million, compared to AFTC revenue of $20.7 million in the year ended December 31, 2021. The increase in AFTC revenue was due to higher number of gallons of fuel sold. Station construction revenue increased by $5.9 million to $22.3 million for the year ended December 31, 2022, compared to $16.4 million for the year ended December 31, 2021, due to increased construction activities.

On a GAAP (as defined below) basis, net loss attributable to Clean Energy for the fourth quarter of 2022 was $(12.3) million, or $(0.06) per share, compared to $(2.4) million, or $(0.01) per share, for the fourth quarter of 2021. Compared to the fourth quarter of 2021, the fourth quarter of 2022 was positively affected by an unrealized gain on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, offset by higher Amazon warrant charges, higher stock compensation expense, a loss on extinguishment of debt at our NG Advantage majority-controlled subsidiary, and higher depreciation expense associated with the removal of fueling station equipment from select Pilot Travel Centers LLC (“Pilot”) locations.

On a GAAP basis, net loss attributable to Clean Energy for the year ended December 31, 2022 was $(58.7) million, or $(0.26) per share, compared to $(93.1) million, or $(0.44) per share, for the year ended December 31, 2021. Compared to that of 2021, the year ended December 31, 2022 was positively affected by lower Amazon warrant charges and an unrealized gain on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, partially offset by higher stock compensation expense, costs associated with ramping up our RNG supply investments, losses on extinguishment of debt at our NG Advantage majority-controlled subsidiary, and higher depreciation expense associated with the removal of fueling station equipment from select Pilot locations.

Non-GAAP income (loss) per share and Adjusted EBITDA (each as defined below) for the fourth quarter of 2022 was $0.01 and $12.6 million, respectively. Non-GAAP income (loss) per share and Adjusted EBITDA for the fourth quarter of 2021 was $0.03 and $18.0 million, respectively.

Non-GAAP income (loss) per share and Adjusted EBITDA for the year ended December 31, 2022 was $0.01 and $50.0 million, respectively. Non-GAAP income (loss) per share and Adjusted EBITDA for the year ended December 31, 2021 was $0.04 and $57.0 million, respectively.

Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus Amazon warrant charges, plus stock-based compensation expense, plus accelerated depreciation expense relating to the removal of fueling station equipment located on certain Pilot premises, plus (minus) loss (income) from the SAFE&CEC S.r.l. equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company’s performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not impact the Company’s operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. The Company’s management believes excluding non-cash accelerated depreciation expense relating to the removal of fueling station equipment located on certain Pilot premises is helpful to investors because the expense is not part of or representative of the on-going operations of the Company and may reduce comparability or obscure trends in the Company’s operating performance. Similarly, the Company believes excluding the non-cash results from the SAFE&CEC S.r.l. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus (minus) income tax expense (benefit), plus interest expense (including any losses from the extinguishment of debt), minus interest income, plus depreciation and amortization expense, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC S.r.l. equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:

Fuel and Service Volume

The following tables present, for the three months and year ended December 31, 2021 and 2022, (1) the amount of total fuel volume the Company sold to customers with particular focus on RNG volume as a subset of total fuel volume and (2) operation and maintenance (“O&M”) services volume dispensed at facilities the Company does not own but where it provides O&M services on a per-gallon or fixed fee basis. Certain gallons are included in both fuel and service volumes when the Company sells fuel (product revenue) to a customer and provides maintenance services (service revenue) to the same customer.

Sources of Revenue

The following table shows the Company's sources of revenue for the three months and year ended December 31, 2021 and 2022:

2023 Outlook

GAAP net loss for 2023 is expected to range from approximately $(105) million to $(115) million, assuming no unrealized gains or losses on commodity swap and customer contracts relating to the Company’s Zero Now truck financing program and including Amazon warrant charges estimated to range from $60 million to $70 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, and significant variations in the vesting by Amazon of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2023. Adjusted EBITDA for 2023 is estimated to range from approximately $50 million to $60 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions or other extraordinary events including any lingering negative effects associated directly or indirectly with the COVID-19 pandemic, including macroeconomic conditions and global supply chain issues. Additionally, the expectations regarding 2023 Adjusted EBITDA assumes the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2023 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.0784 from the U.S. and international callers can dial 1.201.689.8560. A telephone replay will be available approximately three hours after the call concludes through Tuesday, March 28, 2023, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13735987. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (“RNG”), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.

Safe Harbor Statement

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, including statements about, among other things, our fiscal 2023 outlook, our volume growth, customer expansion, production sources, joint ventures, and the benefits of our fuels.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the direct and indirect impact of the COVID-19 pandemic, including macroeconomic conditions and supply chain issues, and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; the Company’s ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government legislation, regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.

Investor Contact:
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News Media Contact:
Raleigh Gerber
Director of Corporate Communications
949.437.1397

Multi-year order for Series 7 thin film solar modules with deliveries from 2025 to 2027

KANSAS CITY, Mo.--(BUSINESS WIRE)--#energystorage--Savion, LLC (Savion) today announced the agreement to purchase 2.6 gigawatts (GWdc) of high-performance, responsibly produced Series 7 thin film solar modules from First Solar, Inc. (Nasdaq: FSLR). The deal with Savion was booked prior to the release of First Solar’s Q3 2022 earnings in October 2022, and the modules are scheduled to be delivered between 2025 and 2027.

The passing of the Inflation Reduction Act (IRA) has been a critical component in Savion’s commitment to supporting the expansion of the manufactured renewables supply chain in the United States. The IRA strongly contributed to the agreement between Savion and First Solar, the only U.S.-headquartered company among the world’s largest solar manufacturers.

First Solar is expanding its U.S. manufacturing capacity, with a third factory expected to come online in Ohio in the first half of 2023 and a fourth factory under construction in Alabama expected to be commissioned by 2025. Both factories will produce the Series 7 modules ordered by Savion. First Solar’s new $1.1 billion Alabama factory and $185 million expansion of its existing manufacturing footprint in Ohio are expected to bring its total investment in American manufacturing to more than $4 billion. The company’s annual U.S. nameplate manufacturing capacity is forecast to expand to 10.6 GWdc by 2026. First Solar also announced a $270 million investment in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, expected to be completed in 2024.

“As we accelerate our efforts to support America’s energy transition, we’re excited to move to an Independent Power Producer model,” said Nick Lincon, president of Savion and vice president of Onshore Renewables North America, Shell. “Our agreement with First Solar provides the certainty we need to execute our strategy. They share our values and strategic vision for increased domestic production efforts. Our team looks forward to working with the new Series 7 module, benefitting from its enhanced efficiencies and performance.”

Developed in close collaboration with Engineering, Procurement, and Construction (EPC) companies and structure and component providers, First Solar’s Series 7 modules combine the company’s thin-film cadmium telluride (CadTel) technology with a larger form factor and a new back rail mounting system to deliver improved efficiency, enhanced installation velocity, and superior lifetime energy performance for U.S. utility-scale PV projects.

“Savion’s stringent assessment of its suppliers mirrors our own commitment to Responsible Solar, and we are delighted to welcome Savion to the growing ranks of customers choosing to mitigate their risks and boost their competitiveness by entering into long-term supply agreements with First Solar,” said Georges Antoun, chief commercial officer for First Solar. “Moreover, our customers don’t simply get a competitive, high-performance solar module. They get a product that sets the benchmark for responsibly produced, sustainable PV.”

About Savion

Savion, a Shell Group portfolio company operating on a stand-alone basis, is one of the largest, most technologically advanced utility-scale solar and energy storage project development companies in the United States. With a growing portfolio of more than 23 GW, Savion’s diverse team provides comprehensive services at each phase of renewable energy project development, from conception through construction. As part of this full-service model, Savion manages all aspects of development for customers, partners, and project host communities. Savion is committed to helping decarbonize the energy grid by replacing electric power generation with renewable sources and delivering cost-competitive electricity to the marketplace. For further information, visit www.savionenergy.com.

About First Solar, Inc.

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

For First Solar Investors

This release contains forward-looking statements, which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning an order for 2.6 GWdc of solar modules by Savion; First Solar’s plan to invest approximately $1.1 billion in building a fourth factory in Alabama, and $185 million on expanding the capacity of its existing manufacturing footprint in Ohio; First Solar’s expectation that such investment will bring the company’s total investment in American manufacturing to over $4 billion, and its expectation that its annual US nameplate manufacturing capacity will expand to 10.6 GW by 2026; and our intention to invest approximately $270 million in a dedicated R&D innovation center and our expectation that, contingent upon permitting and pending approval of various state, regional and local incentives, this innovation center will be commissioned in 2024. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

Media

Kelly Cooper
Savion, LLC Media Contact
Parris Communications
(816) 931-8900
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Reuven Proença
First Solar Media
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Investors

Robyn Remes
First Solar Investor Relations
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OMAHA, Neb.--(BUSINESS WIRE)--Werner Enterprises, Inc. (Nasdaq: WERN), one of the nation’s largest transportation and logistics companies, announced today that its Board of Directors declared a regular quarterly cash dividend of $0.13 (thirteen cents) per common share. This dividend will be paid on May 3, 2023, to stockholders of record at the close of business on April 17, 2023.

Werner Enterprises has paid a quarterly cash dividend to its stockholders every quarter since July 1987.

Werner Enterprises, Inc. delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2022 revenues of $3.3 billion, an industry-leading modern truck and trailer fleet, over 14,000 talented associates and our innovative Werner EDGE technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. As an industry leader, Werner is deeply committed to promoting sustainability and supporting diversity, equity and inclusion.

John J. Steele
Executive Vice President, Treasurer
and Chief Financial Officer
(402) 894-3036

HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) today announced that Westlake Epoxy’s European business received a 2022 Platinum Medal from EcoVadis, the world’s largest and most trusted provider of business sustainability ratings. Westlake Epoxy was also rated at this level in 2021 which positions it at the top 1% of companies assessed by EcoVadis.

Westlake Epoxy is a leading global producer of epoxy resins, modifiers and curing agents for high-performance materials. It serves a variety of industries including aerospace, automotive, civil engineering and construction, composites and wind energy, electronics, electrical equipment, and marine and protective coatings.

“Sustainability is key to Westlake’s strategy and integrated in our operations and product offering,” said Larry Schubert, vice president, corporate development and sustainability for Westlake Corporation. “This EcoVadis Platinum rating reaffirms our commitment to create a sustainable present and future. True to our Mission of Enhancing Your Life Every day.^®”

“Westlake Epoxy is delighted that EcoVadis has recognized its sustainability efforts by maintaining the Platinum rating. This external benchmark shows our progress to reduce our carbon footprint and climate impact. It is a strong encouragement for the growing group of our associates who are actively contributing to our CLEAN strategy,” said Ann Frederix, vice president, Westlake Epoxy. “Our materials and technical solutions are essential for our customers today and we are committed to providing the essential materials of their future.”

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from building and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's website at www.westlake.com.

Westlake Corporation
Chip Swearngan, 1-713-960-9111

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced the receipt of multiple air pollution control (APC) contracts from new and existing customers in the US, Europe and the Pacific Rim. These awards support projects serving various end markets, and have an aggregate value of approximately $5.2 million.

Two separate contracts were received from existing US utility customers for NO_xOUT^® Selective Non-Catalytic Reduction (SNCR) systems. Fuel Tech’s SNCR technology is a proven solution for utility and industrial combustion unit owners looking to comply with more stringent NO_x control requirements. One order is for a coal-fired unit in the Midwest and the other is for a unit on the East Coast that fires oil and natural gas. The Company believes that the purchase of SNCR systems is being driven by the proposed EPA Good Neighbor Rule, which is expected to finalize in the first quarter of 2023. Equipment deliveries are expected in the second and third quarters of 2023.

An order was received in the US for two ULTRA^® systems to be installed on natural gas-fired turbines at a university on the West Coast. Fuel Tech’s ULTRA process provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent where Selective Catalytic Reduction (SCR) is used to reduce NO_x, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Deliveries are expected to be completed in the third quarter of 2023.

Two additional orders in the US were received for ULTRA systems on the West Coast. The first contract was for three ULTRA systems to replace ammonia based equipment for SCR systems already deployed on package boilers at a medical facility. Deliveries are expected in the third quarter of 2023. The second ULTRA order was for an industrial unit firing natural gas at a paper production facility with an estimated second quarter 2023 delivery.

In Europe, separate orders were received for a NO_xOUT SNCR system for a biomass-fired unit and for a system utilizing SCR technology for a gas turbine application; delivery of both orders is expected in the third quarter of 2023. In China, a spare parts order was received for a previously installed ULTRA system, and delivery is expected in the third quarter of 2023.

Vincent J. Arnone, President and Chief Executive Officer, commented, “We are pleased to announce these contract awards which represent continued growth of Fuel Tech’s ULTRA technology solution that provides a safe reagent alternative to ammonia for SCR systems near hospitals and universities as two specific market segments. The domestic SNCR awards will assist our customers’ needs as they seek to comply with current and future NOx reduction requirements generated by the EPA creating a final rule as a next phase of the Cross State Air Pollution Rule to meet the Good Neighbor provision of the Clean Air Act. The new Rule is expected to be issued in the next few weeks and could create a number of opportunities for both SNCR and SCR technology over the next several years.”

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity.

Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

Vince Arnone
President and Chief Executive Officer
(630) 845-4500

Devin Sullivan
Managing Director
The Equity Group Inc.
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DALLAS--(BUSINESS WIRE)--On February 28, 2023, Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The filing can be viewed through a link on the Partnership's internet website at www.hollyenergy.com by selecting the heading "Investors" and then the subheading "Financial Information."

Upon written request, limited partners and bondholders may receive free of charge a hard copy of the Partnership's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to the Partnership's Vice President, Investor Relations, at 2828 N. Harwood, Suite 1300, Dallas, Texas 75201. Requests can also be made online by selecting “Printed Materials” on the “Investors” page of our website.

About Holly Energy Partners, L.P.:

Holly Energy Partners, L.P. (“HEP” or the “Partnership”), headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HF Sinclair Corporation. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Colorado, Idaho, Iowa, Kansas, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington and Wyoming, as well as refinery processing units in Kansas and Utah.

Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Manager, Investor Relations

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded a substantial⁽¹⁾ contract by Azule Energy to supply flexible pipe for the Agogo Integrated West Hub Development Project, offshore Angola.

The contract is one of TechnipFMC’s largest ever awards for flexible pipe in West Africa, and covers the engineering, procurement, and supply of jumpers, flowlines, risers, and all associated ancillary equipment. The flexible pipe will connect the new Agogo facility to the subsea production systems.

Azule Energy, a bp and Eni company, is the operator of Block 15/06 in Angola offshore, partnering with Sonangol P&P and SSI Fifteen Limited.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “Our ability to meet Azule’s flexible pipe needs, which allows for optimized riser and flowline system configuration, was instrumental in winning this award. This is another example of our unique capability to support fast-track greenfield developments, and we are excited to be supporting Azule Energy and its partners on this project.”

(1) For TechnipFMC, a “substantial” contract is between $250 million and $500 million.

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. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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NEW YORK--(BUSINESS WIRE)--Getty Realty Corp. (NYSE: GTY) (the “Company”) today announced the pricing of an underwritten public offering of an aggregate of 3,000,000 shares of its common stock sold on a forward basis in connection with the forward sale agreements described below, for gross proceeds of approximately $100 million. The forward purchasers (or their affiliates) and the Company have also granted the underwriters of the offering a 30-day option to purchase up to an additional 450,000 shares of common stock. The offering is expected to close on March 3, 2023, subject to customary closing conditions.

BofA Securities and J.P. Morgan acted as book-running managers for the offering.

In connection with the offering, the Company expects to enter into separate forward sale agreements with each of BofA Securities and J.P. Morgan (or their respective affiliates), each referred to in this capacity as the forward purchaser. In connection with such forward sale agreements, the forward purchasers (or their affiliates) are expected to borrow from third parties and sell to the underwriters an aggregate of 3,000,000 shares of the Company’s common stock (or 3,450,000 shares if the underwriters’ option is exercised in full and the Company elects to execute additional forward sale agreements). Pursuant to the terms of each forward sale agreement, and subject to its right to elect cash or net share settlement, the Company is obligated to issue and deliver, upon physical settlement of such forward sale agreement on one or more dates specified by the Company, the number of shares of the Company’s common stock underlying such forward sale agreement in exchange for a cash payment per share equal to the forward sale price under such forward sale agreement. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of its shares of common stock upon one or more such physical settlements within approximately one year from the date of the prospectus supplement relating to the offering.

The Company will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers (or their affiliates). The Company intends to use the net proceeds from the offering and the net proceeds, if any, received upon the settlement of the forward sale agreements to fund property acquisitions, to repay indebtedness outstanding under its revolving credit facility, for working capital and other general corporate purposes, or a combination of the foregoing.

An automatic shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on January 8, 2021. A preliminary prospectus supplement relating to the offering has been filed with the SEC. When available, copies of the prospectus supplement and related base prospectus for the offering may be obtained on the website of the SEC, www.sec.gov, or by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attention: Prospectus Group by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling toll free at (866) 803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of common stock, nor shall there be any sale of such common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

The offering of these securities may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements

CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “PREDICTS,” “OUTLOOK” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE BUT ARE NOT LIMITED TO STATEMENTS REGARDING THE EXPECTED SETTLEMENT OF THE FORWARD SALE AGREEMENTS AND THE USE OF PROCEEDS THEREFROM (IF ANY).

INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SEC. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of December 31, 2022, the Company’s portfolio included 1,039 freestanding properties located in 38 states across the United States and Washington, D.C.

Investor Relations
(646) 349-0822
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WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the three months and year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

• Net income of $46.8 million increased by $34.0 million, or 266.0%, and adjusted net income of $44.6 million improved by $31.4 million, or 238.1%, as compared to the prior year period.
• Adjusted EBITDA of $99.2 million increased by $46.3 million, or 87.5%, as compared to the prior year period.
• Adjusted EBITDAR was $164.2 million.
• Cash and cash equivalents of $416.0 million and availability under TA’s revolving credit facility of $166.0 million for total liquidity of $582.0 million as of December 31, 2022.
• The following table presents detailed results for TA’s fuel sales for the 2022 and 2021 fourth quarters.

• The following table presents detailed results for TA’s nonfuel revenues for the 2022 and 2021 fourth quarters.

Merger Agreement:

On February 16, 2023, TA announced that it has entered into a merger agreement with BP Products North America Inc., or BP, a subsidiary of BP p.l.c. (NYSE: BP), pursuant to which BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The transaction is expected to close by mid-year 2023, subject to customary closing conditions, including shareholder and regulatory approval.

Fourth Quarter 2022 Conference Call:

As a result of the merger agreement announcement, TA will not hold a conference call for its results for the fourth quarter and full year 2022.

Reconciliations to GAAP:

Adjusted net income, adjusted net income per share of common stock attributable to common stockholders, EBITDA, adjusted EBITDA, and adjusted EBITDAR are non-GAAP financial measures. The U.S. generally accepted accounting principles, or GAAP, financial measures that are most directly comparable to the non-GAAP measures disclosed herein are included in the supplemental tables below.

About TravelCenters of America Inc.

TravelCenters of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business division, eTA, focused on sustainable energy options for professional drivers and motorists, while leveraging alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

These financial statements should be read in conjunction with TA’s Annual Report on Form 10-K for the year ended December 31, 2022, to be filed with the U.S. Securities and Exchange Commission.

TA believes the non-GAAP financial measures presented in the tables below are meaningful supplemental disclosures. Management uses these measures in developing internal budgets and forecasts and analyzing TA’s performance and believes that they may help investors gain a better understanding of changes in TA’s operating results and its ability to pay rent or service debt when due, make capital expenditures and expand its business. These non-GAAP financial measures also may help investors to make comparisons between TA and other companies and to make comparisons of TA’s financial and operating results between periods.

The non-GAAP financial measures TA presents should not be considered as alternatives to net income attributable to common stockholders, net income, income from operations, or net income per share of common stock attributable to common stockholders as an indicator of TA’s operating performance or as a measure of TA’s liquidity. Also, the non-GAAP financial measures TA presents may not be comparable to similarly titled amounts calculated by other companies.

TA believes that adjusted net income, adjusted net income per share of common stock attributable to common stockholders, EBITDA and adjusted EBITDA are meaningful disclosures that may help investors to better understand TA’s financial performance by providing financial information that represents the operating results of TA’s operations without the effects of items that do not result directly from TA’s normal recurring operations and may allow investors to better compare TA’s performance between periods and to the performance of other companies. TA calculates EBITDA as net income before interest, income taxes and depreciation and amortization expense, as shown below. TA calculates adjusted EBITDA by excluding items that it considers not to be normal, recurring, cash operating expenses or gains or losses.

In addition, TA believes that, because it leases a majority of its travel centers, presenting adjusted EBITDAR may help investors compare the value of TA against companies that own and finance ownership of their properties with debt financing, since this measure eliminates the effects of variability in leasing methods and capital structures. This measure may also help investors evaluate TA’s valuation if it owned its leased properties and financed that ownership with debt, in which case the interest expense TA incurred for that debt financing would be added back when calculating EBITDA. Adjusted EBITDAR is presented solely as a valuation measure and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income because it excludes the real estate rent expense associated with TA’s leases and it is presented for the limited purposes referenced herein. TA calculates EBITDAR as net income before interest, income taxes, real estate rent expense and depreciation and amortization expense and adjusted EBITDAR by excluding items that it considers not to be normal, recurring, cash operating expenses or gains or losses.

TA believes that net income is the most directly comparable GAAP financial measure to adjusted net income, EBITDA, adjusted EBITDA and adjusted EBITDAR, and that net income per share of common stock attributable to common stockholders is the most directly comparable GAAP financial measure to adjusted net income per share of common stock attributable to common stockholders.

The following tables present the reconciliations of the non-GAAP financial measures to the respective most directly comparable GAAP financial measures for the three months and years ended December 31, 2022 and 2021.

These financial statements should be read in conjunction with TA’s Annual Report on Form 10-K for the year ended December 31, 2022, to be filed with the U.S. Securities and Exchange Commission.

Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever TA uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TA’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond TA’s control. Among others, the forward-looking statements which appear in this press release that may not occur include:

• Statements about the ability of TA and BP to consummate the proposed merger transaction on a timely basis or at all; and the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, at all or in a timely manner.

The information contained in TA’s periodic reports, including TA’s Annual Report on Form 10-K for the year ended December 31, 2022, which has been or will be filed with the U.S. Securities and Exchange Commission, or SEC, under the captions “Warning Concerning Forward-Looking Statements” and “Risk Factors” and elsewhere in that report, or incorporated therein, identifies other important factors that could cause differences from TA’s forward-looking statements. TA’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements. Except as required by law, TA does not intend to update or change any forward-looking statement as a result of new information, future events or otherwise.

Stephen Colbert, Director of Investor Relations
(617) 796-8251
www.ta-petro.com

HANAU, Germany--(BUSINESS WIRE)--#FusionEnergy--Gauss Fusion GmbH is a greentech venture founded in 2022 by various European companies from Germany, France, Italy and Spain with extensive experience in fusion technology. In February 2023, Gauss Fusion completed a founders’ pre-seed financing round with €8 million in seed capital, marking a first milestone on the way to a clean and secure energy source to complement renewable energies.

The Gauss Fusion Initiative has set itself the goal of bringing the first European GW-class (electric) fusion power plant (Gauss GIGA fusion power plant) on stream by 2045. The initiative is characterized by its strong industrial leadership and close cooperation with renowned European research institutes and experienced technology experts, including the Max Planck Institute for Plasma Physics (IPP) and the Karlsruhe Institute of Technology (KIT). At present, fusion energy is primarily being developed within the framework of international state-financed large-scale projects. Gauss Fusion now offers support to this process, which has the potential to accelerate the development of clean fusion energy generation “at venture speed” thanks to efficient structures. Gauss Fusion is a proponent of an entrepreneurial path to a considerable acceleration of fusion energy in a close “public-private partnership” (PPP) with national and European institutions.

Developing clean and safe energy sources for a modern “net-zero” society is THE key challenge of our time. The entirety of the energy supply cannot be covered by renewable energies alone, not least because of the space requirements and the natural fluctuations in the generation of solar and wind energy. A supplementary energy source is needed that delivers the base load cleanly, safely, reliably and efficiently, and allows the continuous production of green hydrogen.

Under its motto of “Fusion with Integrity”, Gauss Fusion is pursuing the ambitious but realistic goal of providing green energy through magnetic fusion – without raising any false expectations. Dr. Frank Laukien, co-founder and Chairman of the Advisory Board of Gauss Fusion GmbH, is all too aware of this: “To develop a European magnetic fusion power plant – and not just a pilot or demonstration plant – by 2045 is an ambitious but realistic goal that we can achieve not only thanks to our soundly researched technology, but also through our public-private partnership approach. We expect synergies to emerge from our industrial organizational structure and the cooperation with excellent scientists and institutes with substantial experience in magnetic fusion and plasma physics.”

The close cooperation between industry and science also has won over Prof. Sibylle Günter, scientific director of the IPP: “We look forward to working with Gauss Fusion to help build a fusion power plant as quickly as possible. We are delighted that industrial companies and investors in Germany and Europe now also want to promote fusion energy. This can greatly speed up our journey to a magnetic fusion power plant.”

Frédérick Bordry, former Director of Accelerators and Technology and Honorary Member of CERN, adds: “Fusion on the Sun has been taking place for more than 4.5 billion years and is essential for life on earth. Reproducing it and controlling it in reactors would give us access to an important and sustainable source of decarbonized energy. Decisive progress has recently been made in the field of fusion energy, and I am confident that Gauss Fusion will significantly accelerate integration of the technologies needed to build a grid-connected reactor. It will be the result of an alliance of leading industries, scientists and institutes. Such a reactor could be operational as early as 2045 and I am proud and honored to chair the Gauss Fusion Strategic and Scientific Advisory Board.”

Fusion energy is gaining relevance in political discourse in the EU

Ever since scientists in the US made an historic breakthrough in fusion in mid-December last year, when more energy was produced than consumed for the first time ever by fusing hydrogen isotopes, fusion has become the focus of political attention as a clean and safe source of energy. The German Federal Ministry of Education and Research is also leading the way in this regard and wants to increase its involvement in fusion research.

At the same time, Gauss Fusion will work together with renowned magnetic-fusion scientists and engineers in an initial exploratory and research phase on the necessary industrialization, maintenance and safety concepts, in order to then start with the design and development of the commercial prototype of a GW-class (electric) fusion power plant in phase 2.

Frank Laukien: “I’m pleased that many political decision-makers in Germany, in other European countries, and the EU have recognized the opportunities offered by fusion energy, as we can see from the recent joint statement by Federal Chancellor Olaf Scholz and French President Emmanuel Macron, made on the occasion of the 60th anniversary of the signing of the Élysée Treaty. In addition, we expect leading partners from the energy industry to join the Gauss Fusion initiative in the near future.”

About Gauss Fusion:
Gauss Fusion GmbH was founded in 2022 with locations in Germany and is planning to expand to other European countries over time, with the aim of dramatically accelerating the most advanced developments in high-field magnetic fusion, and subsequently the first fusion power plants on the grid. Founding companies and strategic partners from the fusion technology industry are Alcen (France), ASG Superconductors (Italy), Bruker EAS (Germany), IDOM (Spain), and RI Research Instruments (Germany). Co-founder and Executive Chairman is the German national Dr. Frank Laukien, President and CEO of the international Bruker Corporation. In addition to the Advisory Board, which is made up of founders’ representatives, a Strategic & Scientific Advisory Board (SSAB) made up of renowned European scientists and fusion experts will support the development of fusion technology and the Gauss fusion power plant.

For more information, see:
Gauss Fusion – Leading Europe to build Fusion Power Plants (gauss-fusion.com)
Gauss Fusion: Overview | LinkedIn

Media:
Martina Rauch
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mobile: +49 170 71 41 856

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today reported its fourth-quarter and full-year 2022 financial results.

Key Business Highlights

• Achieved new Hypertruck ERX™ commercialization milestone
• Obtained a 10-unit order for the Hypertruck ERX powertrain from DSV Logistics
• Announcing collaboration with Hyzon Motors to jointly develop a fuel cell powered truck
• Met 2022 revenue guidance
• Ended 2022 with $422 million of available capital on the balance sheet
• 2023 operating expense guidance of $130 - $140 million

Executive Commentary

“We remained on track by hitting all our commercialization milestones for the Hypertruck ERX powertrain in 2022. The year was marked by many impactful accomplishments for Hyliion. We achieved our revenue guidance for Hybrid, including full truck sales, we acquired the KARNO™ generator technology from GE, and we obtained 210 orders for production slots for the Hypertruck ERX powertrain,” said Hyliion’s Founder and CEO, Thomas Healy.

Hypertruck ERX System Development

In the fourth quarter, the Company continued the design-verification phase of its Hypertruck ERX system with additional controlled fleet trials, most recently with Ruan Transportation. The Company also launched winter testing.

Overall, Hyliion remains on schedule to start Hypertruck ERX system production in late 2023, as the Company continues to achieve the previously-announced commercialization milestones. This marks the fifth consecutive quarter that the Company has met the commercialization milestones initially laid out on the third-quarter 2021 earnings call.

Hypertruck ERX System Orders

During the fourth quarter the Company received 10 Hypertruck ERX system orders from DSV Logistics, with an option to buy 10 additional units. DSV is one of the largest third-party logistics companies in the world and is focused on expanding its business in the U.S. As the Company nears completion of its development and testing milestones for the Hypertruck ERX system later in 2023, it expects to see an uptick in additional customer orders for delivery in 2024.

Hyzon Motors Collaboration

The Company is announcing a new agreement with Hyzon Motors to develop a fuel cell powered vehicle. This development is the third step in the Company’s multi-stage product roadmap towards a hydrogen future. The vehicle will use Hyliion’s electric powertrain system and Hyzon’s fuel cell technology as the generator. The powertrain will be integrated into a Peterbilt chassis.

“Today, we are announcing an innovative collaboration with Hyzon Motors to jointly develop a fuel cell powered vehicle. Hyzon is an industry leader in developing and manufacturing fuel cells purpose-built for heavy-duty applications, and Hyliion is an industry leader in electric powertrain solutions. We are excited about having the opportunity for our teams to work together,” said Hyliion’s Founder and CEO, Thomas Healy.

Financial Highlights, Operating Expense and 2023 Guidance

In the fourth quarter, the Company recorded $1.1 million in revenue related to Hybrid sales. The Company’s fourth quarter operating expenses totaled $31.6 million for the quarter, $5 million higher than a year ago, mainly due to higher research and development spending. Hyliion ended the fourth quarter with $422 million of cash, short-term and long-term investments, which is expected to be sufficient to fund current commercialization activities for the Hypertruck ERX powertrain, as well as initial development activities for the KARNO product and the Hyzon Motors collaboration project.

For full-year 2022, Hyliion’s net loss totaled $153.4 million, or $124.6 million excluding $28.8 million of one-time research and development expenses related to the KARNO generator acquisition in the third quarter, up $28.5 million (excluding the KARNO acquisition) compared to a $96.0 million net loss in the prior year.

Looking forward, the Company expects full-year 2023 operating expenses to be in the $130 to $140 million range. This estimate reflects continued focus on delivering the Hypertruck ERX system in late 2023 and efforts to develop the KARNO generator technology, the Hyzon fuel cell collaboration project, and other development projects. The Company is also expecting SG&A spending growth to level off in 2023 as it invests further in in-house engineering and development resources.

Fourth Quarter 2022 Conference Call

Hyliion will host a conference call and accompanying webcast at 11:00 a.m. EST / 10:00 a.m. CST on Wednesday, March 1 to discuss its financial and business results, and outlook. The live webcast of the call, as well as an archived replay following, will be available online on the Investor Relations section of Hyliion’s website. Those wishing to participate can access the call using the links below:

Conference Call Online Registration:
https://conferencingportals.com/event/vjUOPPlo
Access the Webcast:
https://events.q4inc.com/attendee/357822431

Full-year 2022 financial results for Hyliion Holdings Corp. will also be filed with the SEC on Form 10-K.

About Hyliion

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

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage the Company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; our ability to disrupt the powertrain market; the effects of our dynamic and proprietary solutions on commercial truck customers; the ability to accelerate the commercialization of the Hypertruck ERX; our ability to meet 2023 and future product milestones; the impact of COVID-19 on long-term objectives; the ability of our solutions to reduce carbon intensity and greenhouse gas emissions, the expected performance and integration of the KARNO generator and system, and the other risks and uncertainties described under the heading “Risk Factors” in our other SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2023 for the year ended December 31, 2022. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.