Tag: 3BL

As the world encounters new challenges, from climate change to disruption of supply chains, we face an age-old question: how do we feed the world in a sustainable and healthy way?

It’s a question that experts around the world are trying to answer. Zero hunger is #2 on the United Nations list of 17 Sustainable Development Goals to transform our world by 2030. At the same time, research has shown that fruits and vegetables comprise 85% of food waste by mass. These issues take on a new urgency considering the global disruptions that continue to occur.

The answer, in part, lies in technological innovation. Researchers, growers, food producers, and retailers are adopting emerging technologies like synthetic biology and digital twins to bring fresher and more nutritious food to consumers around the world, while easing the strain on our environment.

This innovation is taking place throughout every part of the food supply chain. Farmers are becoming technology experts, leveraging both hardware and software to adopt techniques such as precision agriculture, which focuses on monitoring and optimizing every growing condition — from soil to temperature. To further optimize crops, digital twins such as a digital banana invented by TCS track freshness, helping to avoid waste and ensure food is packaged and shipped in the best way possible to get to consumers.

Thanks to improved crop yields, food distributors now have more options to manage demand, deploy advanced analytics to predict food preferences and adjust shipping and stocking in real time. With such data-driven approaches to food freshness practices and policies, the future of farm to fork is looking brighter every day.

At Bath & Body Works, we’re proud to foster an inclusive culture that supports and empowers women. Earlier this month we experienced a meaningful point of #GinghamPride as our Women’s Inclusion Network hosted the company’s first-ever Well-Being and Success Summit. It was an inspiring day of celebration and development as our associates explored topics like leading with empathy and accountability, building an inclusive workplace and how developing meaningful relationships can lead to success in our careers and lives. Plus, we heard personal testimony from our CEO, Gina Boswell, and other female leaders across the organization as they shared their powerful success stories with the purpose of educating and advocating for real change in the workplace.

ESG in Action 
Companies are beefing up their DEI initiatives to attract and retain employees amid increasing regulatory requirements. DEI can contribute to an inclusive corporate culture and provide firms with a distinct edge over less-proactive competitors. For investors, the key is knowing which criteria to look for when evaluating companies.

The Issue 
A new generation increasingly views DEI initiatives as an imperative, while companies are looking to DEI to gain a competitive edge in employee recruitment and retention—and because it makes good business sense.

The Investment Case 
Employee turnover can be costly to a company’s bottom line, while potential new regulatory requirements could make firms that are proactive about DEI safer risks.

Engagement Goals 
Companies should consider making DEI initiatives part of their corporate DNA, including buy-in from the highest levels of management and effective tools for measuring corporate engagement.

Managing a workforce has always been vital for business success. In today’s increasingly diverse society, successful people management is critical for companies seeking to retain talent and cultivate positive customer relationships. 

In recent years, diversity, equity and inclusion (DEI) policies have taken on added importance in modern work environments. However, DEI is sometimes viewed as a “softer” policy topic that doesn’t factor into investor outcomes. 

We think that’s a mistake. 

Strong DEI policies can provide companies with a competitive edge, especially in a tight labor market where the fight for talent is fierce and a favorable corporate culture can make a difference in overcoming business hurdles. 

Based on our engagement with investment management companies and former DEI executives across many sectors, we’ve mapped out key criteria that investors should look for when evaluating a company’s DEI program. The research presented here is US-centric and should be viewed with an awareness of regional nuance.

Costs of Ignoring Employee Turnover 

One of the most compelling reasons for implementing DEI initiatives is from a cost-management perspective. Losing candidates and valuable employees can be expensive and, increasingly, employees are looking to companies that openly embrace DEI initiatives. In fact, according to Glassdoor, 76% of job candidates in 2021 indicated that diversity is a key criterion when evaluating job opportunities. 

To the extent that DEI is viewed as a tool to attract and retain a new generation of employees, ignoring it can impose costs in the form of employee turnover, which can hurt the bottom line. 

A study in Management Science outlined the costs of employee turnover, including lower productivity in the form of rising field failures in a manufacturing environment. Researchers studied staffing at a major consumer electronics firm, including the component quality of nearly 50 million consumer mobile devices over four years. During the highest-turnover weeks following paydays, field failures—products deemed to be defective—were more than 10% more common than the lowest-turnover weeks preceding paydays. In other weeks, the assembly lines experiencing the highest turnover produced an estimated 2%–3% more field failures, on average. The associated costs amounted to hundreds of millions of US dollars. 

Similarly, our research suggests that among global companies that report gender diversity metrics, the top quintile in gender diversity saw their shares outperform lower-scoring companies by about 4% over a three-year period; similar results were seen over slightly longer time frames. 

So how do companies get there? 

We’ve looked at some of the most successful companies in both retailing and technology and have uncovered some common themes.

DEI Can Become Part of a Company’s DNA

Done right, DEI initiatives and accountability reside in every business unit, function and employee team. One group of employees can’t be accountable for the success of an entire organization on their own. We believe it’s important for the DEI function to be integrated broadly across the entire organization so that it becomes part of a company’s DNA. 

To create effective accountability, however, employees must be provided with the resources and management buy-in to execute on DEI initiatives. That means placing high-profile business leaders and managers at the heart of DEI efforts—a far cry from relying solely on Human Resources functions or employee resource groups. 

Minneapolis-based retailing giant Target provides an instructive example. To distribute accountability across the organization, each business group at Target has its own approach to DEI, aligned with and driven by the organization’s enterprise strategy. Each group defines its DEI goals, including how they will be executed and who specifically is accountable for the results. 

A logistics services company also aligned a DEI initiative with its business objectives by identifying the need to increase its gender diversity and number of women in leadership roles. The firm established a year-end target for at least 30% of all company revenues to come from women-led teams.

Learning and Development Should Be Dynamic 

Learning and development is foundational to DEI efforts and should be structured to be adaptive and evolutionary, rather than relegated to a one-off annual exercise. If the company has a distributed business model, training can be structured for relevance to the local markets in which it operates, rather than just the home office location. 

Many DEI leaders are going beyond standard unconscious-bias training. For these firms, inclusive leadership is often spelled out as a core competency in job descriptions, assessed in performance reviews and supported at the organization’s highest levels. 

One large multinational corporation deployed an inclusion program to help managers understand the impact of their behavior on perceptions of openness among diverse employees, and how they can contribute to fostering a positive company culture by shifting attitudes and behaviors.

Mentoring and Sponsorships Can Go Both Ways 

Mentoring and sponsorship programs are also valuable tools for increasing diversity. They include programs aimed at supporting high-potential talent, both for network building and career development. 

Sponsors not only provide feedback and counsel but also use their influence with other senior executives to advocate for more junior employees and ensure visibility to key decision-makers. To that end, Nike and T-Mobile have established sponsorship programs aimed at accelerating the career trajectory of women and diverse employees in the workplace. 

Mentoring, too, can be effective in developing talent and building bridges across generational, race, ethnic and gender differences. In today’s multi-generational workforce, mentoring can go both ways. Reverse mentoring, which involves junior employees providing counsel, can provide senior leaders with the opportunity to gain a different perspective on their work, which should help improve their decision-making. 

AB engaged with health information technology provider IQVIA to better understand its reverse inclusion mentorship program for US employees. The program is designed to help senior leaders (mentees) understand the experiences of Black employees (mentors) in the workplace. These discussions aim to be collaborative and informational, resulting in shared knowledge in a positive, trusting environment.

How to Measure DEI Progress 

Regardless of their scope, the best-laid DEI plans need rigorous data analysis to be successful, including tools to measure a company’s progress toward its goals. Here are a few good examples:

Incorporating Listening Architecture 

Many firms are incorporating what’s known as listening architecture as a tool for measuring DEI progress. This involves investing in an end-to-end active listening strategy that can incorporate surveys, polls, focus groups and discussion forums. Companies can communicate the results via broad-based venues such as townhalls, leadership memos and on corporate portals, highlighting specific feedback and ideas from employees. 

Exit interviews are another example of listening architecture. These interviews offer a valuable opportunity to receive feedback about a company’s DEI practices. Employees may be willing to offer more actionable information if the interview is conducted by a member of the DEI team. One semiconductor manufacturing company implemented a formal exit interview process that screens for potential DEI concerns and focuses primarily on departing underrepresented minorities and female executives. 

 Manager Inclusion Playbook 

Managers looking to build a more inclusive culture can use an inclusion playbook. The playbook isn’t specific to one topic. It covers the entire employee lifecycle, including recruiting, onboarding, development, compensation, wellness and even assessing personality traits like empathy. The goal is to provide a set of day-to-day actions that can be taken by managers and their reports to incorporate DEI into people practices. 

Importantly, the playbook is not just for mid-level managers. Rather, the most influential managers in the company should also be involved, as they often set the tone in establishing culture and employee working conditions. 

 DEI Analytics and Scorecards 

Many companies with DEI programs allocate at least part of their analytics resources toward DEI assessment. 

Chip maker NVIDIA has an Insights team focused on collecting employee data from multiple internal nodes, partnering closely with its Human Resources analytics team to identify areas for continued improvement. The company’s business leaders are encouraged to make use of this disaggregated data to drive talent decisions, including those that involve compensation and career advancement. 

Assessing diversity efforts can be done using analytics scorecards, which equip managers with meaningful quantitative data. These scorecards allow managers to assess hires, attrition and promotions by race and gender in a digestible manner. It’s more than just a progress report or a high-level summary. Rather, it informs future decisions with data-rich analytics. 

While the data is pushed out monthly at a minimum, managers have real-time access to the scorecard at any time. This sample scorecard assesses firm-wide diversity efforts based on a series of inputs, including job title, job satisfaction, tenure and performance. 

At Johnson & Johnson, the categories within the people analytics scorecard are assigned green, yellow or red status based on each division’s progress in achieving the strategic DEI priorities the company has established.

DEI Disclosure: More Transparency Needed

Just as employees expect to be informed of their employer’s financials and other operational success measures, DEI metrics should be shared with the broader workforce as well. Transparency can promote trust and buy-in throughout the organization. 

Many companies have established organizational policies that cover harassment, discrimination and codes of conduct, but far fewer have formalized DEI policies. In fact, across nearly every sector of the Russell 1000, more than one-third of firms fail to disclose data around race and ethnicity (Display).

Additionally, as of June 2022, nearly two-thirds of S&P 500 companies disclosed equal employment opportunity data, with an additional 22 companies committed to disclose before year-end. Of these more than 300 firms, 55 had no Black executives, 101 had no Black women executives, and 25 companies had no Asian executives.. Additionally, only 79 Fortune 500 companies published annual DEI reports, and 76% of companies had not established any diversity goals.

Regulatory Requirements Could Be in the Offing 

As companies weigh the business and social benefits of DEI policies, there is also a regulatory impetus for action. In 2020, the Securities and Exchange Commission (SEC) amended Regulation S-K by requiring companies to disclose human capital resources, including objectives established in managing the business. Depending on an organization’s interpretation, these human capital resources could theoretically include DEI initiatives. But the SEC has never defined what constitutes human capital, leaving companies to make that decision themselves. 

Now, pressure is mounting for the SEC to require companies to disclose DEI initiatives, including gender and diversity workforce data. The scope of DEI filing requirements has not been determined, nor has a firm date been set. But companies should be on notice. According to Kirkland & Ellis LLP, “companies can anticipate that forthcoming rules are likely to include more prescriptive requirements than current SEC rules and will lead to increased oversight and scrutiny.” 

We encourage companies to be thoughtful about anticipating potential new disclosure requirements. Those that can get ahead of the SEC reporting requirements could ultimately turn out to be a safer risk for investors.

DEI Makes Good Business Sense

Many companies center their DEI programs around reducing risks, rather than making DEI part of a positive corporate culture that supports business goals. We believe DEI initiatives should be undertaken not to meet regulatory requirements but because they make good business sense. One-off initiatives don’t do much to address systemic issues, so it’s imperative to include DEI as part of a larger strategic plan. 

Ultimately, it’s up to each organization to decide how it measures success: where the company is, where it needs to go and how it plans to get there. We believe the interests of companies and investors can be aligned in creating a more effective talent pipeline through DEI initiatives, which takes more than increasing representation across the organization. Understanding what it takes for a DEI program to be effective provides investors with a window on a company’s competitive edge on talent, which leads us to believe that forward-minded investors will embrace DEI as an important factor in assessing risk management and potential investment opportunities. 

Kevin Sacks, Proxy and ESG Engagement Associate from AB’s Responsible Investing team, contributed to this analysis.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to change over time.

By LISA LOCKWOOD

Originally published by Women’s Wear Daily

Kate Spade has enlisted actress and entertainer Sofia Wylie and founding principal of Showa Women’s University Career College Mika Kumahira to its Social Impact Council.

The Social Impact Council is a collective of women’s empowerment and mental health leaders from around the globe. The two global change-makers join the leadership council, which includes actress Taraji P. Henson, to work with Kate Spade New York in bringing their perspectives to this cohort of female leaders who look to integrate mental health into the empowerment agenda of women and girls globally.

Continue reading here.

For years, GirlTrek has been inspiring and empowering Black women to walk for health, for healing, and for sisterhood. Each year, on March 10th, Harriet Tubman Day, GirlTrek invites Black women around the world to gather in their homes, with friends and family, for a Harriet House Party.

This year, as part of our Peloton Pledge partnership with GirlTrek, we were honored to host Harriet House Parties for GirlTrek members and Peloton Members at our Peloton showrooms across the U.S. These gatherings provided the opportunity for women to reflect on their personal health, set goals for the year, and make commitments to hold each other accountable.

Making bold changes, one step at a time

GirlTrek is America’s largest nonprofit focused on the health of Black women and girls. The organization aims to inspire its network of over 1.3 million Black women and girls to use daily walks as a practical tool for healthy lives, families, and communities.

Since 2021, Peloton has supported GirlTrek to expand its series of digital and in-person experiences that bridge place, history, storytelling, and programming to help women reclaim the narratives of their own lives and communities through walking.

A journey of personal freedom

On March 10th Peloton opened up eight showrooms across the U.S. to host Harriet House Parties for GirlTrek and Peloton Members.

Each party began with a fitness goals meditation led by Peloton Instructor Chelsea Jackson Roberts. Over the course of the gathering, participants visualized their future and the version of free that they want to cultivate for themselves. They were encouraged to reflect upon what support they need for their personal health journey, what support they could give to others, and what affirmations could guide them along the way.

At the close of each party, each attendee made a commitment to a walking goal in honor of Harriet Tubman. Several GirlTrek members got a jump start on their goals by participating in a live Tread class led by Peloton Instructors Jess Sims and Kirsten Ferguson at Peloton Studios New York. Check out the 30 min Women’s History Month Two for One Walk + Run here.

Forward, together

At Peloton we understand the scale and impact of the barriers hindering so many from becoming their best selves, and are committed to breaking down those barriers to physical and mental wellness.

We are honored to partner with GirlTrek in their work to create experiences that serve the health and happiness of Black women.

To learn more about GirlTrek or to find a nearby GirlTrek group, visit their website.

Learn more about our community partners by visiting the Peloton Pledge website and reading our 2022 ESG report.

What first drew Mary Carroll to CRB was the company’s core value of entrepreneurial spirit. As someone who had previously owned her own business, Mary appreciated the ability to build her own team, and, “in a sense, run a small company under the umbrella of a larger company.” In this episode of Why Our Work Matters, Mary shares what she feels is her duty as a female leader in a male-dominated industry.

Take the step and join a team where you and your work matters. Apply today: https://hubs.la/Q01FXpvv0

About CRB

CRB is a leading global provider of sustainable engineering, architecture, construction, and consulting solutions to the life sciences and food and beverage industries. Our innovative ONEsolution™ service provides successful integrated project delivery for clients demanding high-quality solutions — on time and on budget. Across 21 offices in North America and Europe, the company’s nearly 1,800 employees provide world-class, technically preeminent solutions that drive success and positive change for clients and communities. See our work at crbgroup.com, and connect with us on social media here.

The KeyBank Foundation is investing $1 million to support and expand an innovative workforce development program for underserved communities at the Buffalo Center for Arts & Technology (BCAT). This grant is part of KeyBank’s commitment to invest $40 billion in the communities it serves.

“All of us at KeyBank are proud to stand with and support BCAT as they continue to lift our community up and make it stronger through innovative workforce development programs that provide opportunities for everyone,” said Michael McMahon, KeyBank Buffalo Market President and Commercial Sales Leader. “Buffalo and Western New York needs a strong, diverse and inclusive workforce to continue its economic and cultural development. BCAT is at the forefront of this effort and we look forward to seeing our neighbors who benefit from their work grow and thrive.”

BCAT’s mission is to provide opportunities for careers through the arts, technology and workforce development. The majority of its adult and youth students live in zip codes representing the highest poverty neighborhoods in Buffalo, including 14215, 14211,14212, 14213, 14209 and 14216. Funding from the KeyBank Foundation will help increase the number of participants served and classes and programs that BCAT can offer.

“BCAT has successfully served the Buffalo Community for ten years, with over 250 adults graduating in the last four years into allied health, technology and landscape career opportunities,” said Robert Gioia, BCAT Board Chairperson. “This grant allows BCAT to expand our reach and deliver more workforce development opportunities in market-demand careers. “

“BCAT provides adult learners the opportunity to not only receive a fee-free training and academic education, but professional development, a dedicated support system, and access to resources needed to be successful in a new career,” said Gina Burkhardt, BCAT CEO. “Our model ensures high retention, graduation, and national certification rates for adult participants.”

BCAT’s Youth Arts & Technology Afterschool program provides a safe, nurturing and inspiring environment, welcoming youth from many Buffalo public and charter high schools. Classes give students the opportunity to express themselves freely and creatively through 3D printing, filmmaking, photography, fine arts and music production. Support from the KeyBank Foundation ensures that BCAT continues to prepare over 100 youth annually for postsecondary pathways into college and careers with potential for economic and social stability.

“Helping BCAT grow and expand this critical program is central to KeyBank’s purpose of helping the communities we serve thrive,” said Elizabeth Gurney, Director of Corporate Philanthropy for KeyBank. “We encourage all of our philanthropic partners in Western New York, along with members of the community to join us in supporting this effort at BCAT.”

Since 2017, KeyBank has made more than $1 billion in investments in Buffalo and Western New York, supporting affordable housing and community development projects; small business and home lending to low-to-moderate income individuals and communities, and transformative philanthropy.

Read more about the KeyBank Foundation’s investment in BCAT in The Buffalo NewsLearn more about KeyBank’s commitment to helping clients and communities thrive

 

CHARLOTTE, N.C., March 30, 2023 /3BL Media/ — Discovery Education—the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place—is providing an array of free digital resources to support National Financial Capability Month.

Taking place annually in April, National Financial Capability Month was founded by the National Endowment for Financial Education (NEFE) and is produced by the Jump$tart Coalition. In support of financial literacy education Discovery Education offers a curated collection of resources in collaboration with partners committed to giving students the financial skills they need to be successful in life:

Self-Paced Modules
Grades 6-12
On-demand, self-paced modules take high school students on a journey of choices they can make around concepts such as using credit and making major financial decisions. Nationally recognized with the Jump$tart Coalition’s 2021 Innovation Award, Pathway to Financial Success in Schools is a personal finance education resource complete with classroom activities, family connections, educator guides, and a master class series on teaching financial education topics. This series sparks ideas, connects educators, and helps prompt conversations with administrators about the need for financial education and was created by Discover Financial Services and Discovery Education.

Classroom Activities
Grades 9-12
Help students connect core economic concepts to current events and everyday life with timely activities, videos, interactive modules, and more from Econ Essentials. Brought to life by the industry-leading insights of Futures Fundamentals, the Econ Essentials growing collection of resources examines real-world applications of complex market topics and covers everything from basic economics concepts to interest rates to supply chain dynamics. Students explore how changes in supply and demand impact prices with relevant and timely activities.

Lesson Plans
Grades 6-12
New digital lesson plans in the Discover Venture Valley program are designed to help educators gamify financial literacy learning and entrepreneurship in the classroom. Developed in partnership with Venture Valley creator, the Singleton Foundation for Financial Literacy, the 2023 Jump$tart Innovation Award winner, these new resources center on the free business-building video game Venture Valley. Students benefit from the power of play as they engage with the game and a suite of standards-aligned resources to learn principles such as investments and dividends, fixed and variable expenses, loans, net vs. gross income, and more.

“As evidenced by the fact that 17 states now require financial literacy education in schools, it is clear financial literacy is a growing issue,” said Leslie Pope, a District Instructional Technology Facilitator in North Carolina. “With grab & go resources from Discovery Education and their array of partners, I know I have free and easy-to-use content about financial literacy that will support state and district learning goals that my students will enjoy.”

Educators and students can find even more resources in the Discovery Education K-12 learning platform. Connecting educators to a vast collection of high-quality, standards-aligned content, ready-to-use digital lessons, intuitive quiz and activity creation tools, and professional learning resources, Discovery Education provides educators a recently enhanced learning platform that facilitates engaging, daily instruction in any learning environment.

“Financial literacy is another necessary topic to be taught in schools. It’s powerful when leaders in the finance and tech industries enable free, real-world learning that is engaging and designed for students and families. We are a proud partner with organizations to support educators and students so they may learn these critical skills,” said Amy Nakamoto, General Manager of Social Impact at Discovery Education.

For more information about Discovery Education’s award-winning digital resources—which can be purchased with federal stimulus funds—and professional learning services, visit www.discoveryeducation.com, and stay connected with Discovery Education on social media through Twitter and LinkedIn.

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About Discovery Education
Discovery Education is the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place. Through its award-winning multimedia content, instructional supports, and innovative classroom tools, Discovery Education helps educators deliver equitable learning experiences engaging all students and supporting higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Inspired by the global media company Discovery, Inc., Discovery Education partners with districts, states, and trusted organizations to empower teachers with leading edtech solutions that support the success of all learners. Explore the future of education at www.discoveryeducation.com.

Contacts
Grace Maliska
Discovery Education
Email: gmaliska@dicoveryed.com

Dow and X-energy sign joint development agreement to develop a four-unit Xe-100 facility at one of Dow’s U.S. Gulf Coast sitesUnited States Department of Energy makes Dow a subawardee under X-energy’s Advanced Reactor Demonstration Program Cooperative AgreementDow and X-energy to develop and license technology applicable to other industrial customers

ROCKVILLE, Md. and MIDLAND, Mich., March 30, 2023 /3BL Media/ – Dow (NYSE: DOW), the world’s leading materials science company, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced nuclear reactors and fuel technology for clean energy generation, announced today their entry into a joint development agreement (“JDA”) to demonstrate the first grid-scale advanced nuclear reactor for an industrial site in North America.

As a subawardee under the U.S. Department of Energy’s (“DOE”) Advanced Reactor Demonstration Program (“ARDP”) Cooperative Agreement with X-energy, Dow intends to work with X-energy to install their Xe-100 high-temperature gas-cooled reactor (“HTGR”) plant at one of Dow’s U.S. Gulf Coast sites, providing the site with safe, reliable, low-carbon power and steam within this decade. The JDA includes up to $50 million in engineering work, up to half of which is eligible to be funded through ARDP, and the other half by Dow. The JDA work scope also includes the preparation and submission of a Construction Permit application to the U.S. Nuclear Regulatory Commission (“NRC”).

“The utilization of X-energy’s fourth generation nuclear technology will enable Dow to take a major step in reducing our carbon emissions while delivering lower carbon footprint products to our customers and society,” said Jim Fitterling, Dow chairman and CEO. “The collaboration with X-energy and the DOE will serve as a leading example of how the industrial sector can safely, effectively and affordably decarbonize.”

Working with DOE and subject to its review and approval, Dow and X-energy expect to finalize site selection in 2023. The parties intend to perform further ARDP-related work under the JDA as the project progresses. Additionally, the companies have agreed to develop a framework to jointly license and utilize the technology and learnings from the project, which would enable other industrial customers to effectively utilize Xe-100 industrial low carbon energy technology.

“Today’s announcement demonstrates the commercial versatility of the Xe-100 and is an important milestone for the future of advanced nuclear and carbon-free energy around the world. X-energy’s collaboration with Dow brings added significance because of the immense opportunity to further reduce emissions in the energy-intensive industrial sector,” said X-energy CEO J. Clay Sell. “From the beginning to the end of the supply chain, our technology can supply both power and heat to businesses in most sectors of the economy to help limit their carbon footprint. We are thrilled to work with Dow to deliver a successful project and illustrate the broad, highly flexible applications of X-energy’s proprietary nuclear energy technology.”

X-energy is a leading developer of a more advanced small modular reactor (“SMR”) and proprietary fuel for carbon-free and reliable baseload power production. Unlike existing light water and other small modular reactors, X-energy’s HTGR technology can also support broad industrial use applications through its high-temperature heat and steam output that can be integrated into and address the needs of both large and regional electricity and/or industrial manufacturing systems. The four-reactor Xe-100 nuclear plant will provide a Dow facility with cost-competitive, low carbon process heat and power to make essential products used by consumers and businesses every day. Importantly, X-energy’s innovative and simplified modular design is road-shippable and intended to drive scalability, accelerate construction timelines and create more predictable and manageable construction costs.

X-energy was selected by DOE in 2020 to receive up to $1.2 billion under the ARDP in federal cost-shared funding to develop, license, build, and demonstrate an operational advanced reactor and fuel fabrication facility by the end of the decade. Since that award, X-energy has completed the engineering and basic design of the nuclear reactor, advanced development of a fuel fabrication facility in Oak Ridge, Tennessee, and is preparing to submit an application for licensure to the NRC.

Dow

Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates manufacturing sites in 31 countries and employs approximately 37,800 people. Dow delivered sales of approximately $57 billion in 2022. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

Cautionary Statement about Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

About X-Energy Reactor Company, LLC

X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.

As previously announced on December 6, 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.

Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.

About Ares Acquisition Corporation

AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.

Additional Information and Where to Find It

In connection with the business combination (the “Business Combination”) with X-energy, AAC filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) on January 25, 2023, which includes a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.

The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws.

No Offer or Solicitation

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

Participants in the Solicitation

AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the Registration Statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

Dow

Investors:
ir@dow.com

Media:
Jarrod Erpelding
+1-989.633.1863
jarrod.erpelding@dow.com
or
Kyle Bandlow
+1-989.638.2427
kbandlow@dow.com

X-energy

Investors:
XenergyIR@icrinc.com

Media:
XenergyPR@icrinc.com

Ares Acquisition Corporation

Investors:
Carl Drake and Greg Mason
+1-888-818-5298
IR@AresAcquisitionCorporation.com

Media:
Jacob Silber
+1-212-301-0376
media@aresmgmt.com

ALBANY, Ga., March 30, 2023 /3BL Media/ – Today, Albany Community Together, Inc., a leading network for Community Development Financial Institutions (CDFIs), announced it has received a $1 million grant from Truist Foundation. The grant will help Albany Community Together, Inc., in partnership with Southwest Georgia Project for Community Education, Inc. and Phoebe Putney Memorial Health Systems, create an ecosystem to address the social determinants of health that are barriers to economic prosperity by repurposing a former grocery store into a Community HUB called The Table of Southwest Georgia. The Table of Southwest Georgia will offer a holistic, multi-faceted approach to creating a healthy, financially viable community by closing the accessibility gap to critical areas of wellness, including food, finances and healthcare.

“Our mission is building wealth and creating economic opportunities in Southwest Georgia by providing affordable access to capital and business support for aspiring entrepreneurs and small business owners,” said Thelma Adams Johnson, President/CEO of Albany Community Together, Inc. “We are excited to bring this project to Albany to provide opportunities for our business community, including small businesses, food-related businesses and small rural farmers, to access capital. By helping minimize the effect of the social determinants of health on wealth creation and building, we can create a healthier, more prosperous community.”

Led by Southwest Georgia Project in partnership with Albany Community Together and Phoebe Putney Memorial Hospital, The Table of Southwest Georgia will provide opportunities for black and rural farmers to scale their operations by aggregating their products to increase income; connect culinary entrepreneurs with space, resources and consumers; and reduce barriers to entry to the food truck industry by giving food service vendors access to commissary kitchens, commercial kitchens and food truck vendors.

“Truist Foundation is deeply committed to ensuring all communities have an equal opportunity to thrive and we believe The Table of Southwest Georgia will help revitalize the Albany community,” said Lynette Bell, president of Truist Foundation. “Through this innovative partnership, Albany Community Together will provide access to capital and business development services for food enterprises and agriculture-related businesses of color, acting as a catalyst for change in the local economy as well as the health of local residents.”

The Table of Southwest Georgia will create a thriving, centrally located marketplace for SWGP’s network of 101 farmers, as well as others. It will expand the production and marketing of local fruits and vegetables from small farms through an aggregation and distribution center as well as a direct-to-consumer farmers’ market. The farmers’ market will increase the income and intergenerational wealth of local farmers while simultaneously increasing access to affordable, healthy foods for community residents.

Phoebe Putney Health System will create a Health Equity Institute within The Table of Southwest Georgia, using data from the community to develop programs to address the population’s healthcare needs. The programs aim to decrease the chronic illnesses in the area through education and integration of policy and advocacy – ultimately creating an environment of health and wellness rather than a community driven by healthcare needs.

Albany Community Together, Inc. (ACT!) provides Capital, Coaching & Connections with a focus on African Americans, other populations of color and low-income persons. We work in partnership with banks to meet the credit needs of small business owners. CDFIs are lenders with a mission to serve small businesses underserved by mainstream finance and a proven model for moving capital into the hardest to serve communities. Our programs serve to close the financial gap, to make the business owner “whole” financially. There are more than 1,100 CDFIs working in all 50 states, the District of Columbia, Guam, and Puerto Rico. For more information, contact Albany Community Together, Inc. at (229) 420-4600.

About Truist Foundation

Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Foundation.