October 2, 2022

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HC2 Announces Sale of Beyond6 Clean Energy Enterprise for Roughly $169 Million

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NEW YORK, Dec. 31, 2020 (World NEWSWIRE) — HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) announced nowadays that it has agreed to offer its greater part-owned clean electrical power subsidiary Further than6, Inc. (“Beyond6”) to Mercuria Investments US, Inc. (“Mercuria”) for around $169 million. HC2, which owns about 61{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} of Beyond6 on a fully diluted basis, expects to acquire about $65 million in money, matter to customary closing adjustments.

“The sale of Further than6 is one more substantial move ahead for HC2 as our Board carries on to actively assess enterprises throughout our portfolio and monetize belongings that boost our funds composition and provide improved overall flexibility, which will allow us to more successfully allocate means to higher progress, price building places of the enterprise,” explained Wayne Barr, Jr., Chief Govt Officer of HC2. “The internet proceeds from the sale will enable HC2 to considerably cut down financial debt as we carry on to chart our path ahead.”

HC2 intends to use its portion of the internet proceeds from the transaction to lower credit card debt. The transaction is predicted to be concluded in the initial quarter of 2021, matter to regulatory acceptance and customary closing disorders. The transaction was unanimously accredited by the Board of Administrators of HC2.

Added Barr, “Since HC2 acquired a the vast majority stake in Past6 in 2014, the enterprise has developed into one of the premier suppliers of choice fuels in the U.S. With the help of Mercuria’s assets and skills, we’re self-confident the business will keep on to consider edge of rising options as the globe moves toward cleaner, safer and a lot more efficient resources of gasoline. We would like Further than6 and its talented team ongoing achievement.”

“Mercuria is thrilled to carry on to execute on its company method of improved expense in the energy changeover to cleanse, renewable energy sources,” said Main Financial commitment Officer, Brian Falik. “We look ahead to constructing on the success of the model designed by Andrew West and performing with the Beyond6 staff in generating holistic turnkey remedies for decarbonization in the medium- and weighty-duty vehicle segments for its blue-chip corporate customers.”

Mercuria, a person of the world’s greatest built-in independent electrical power and commodities organizations, has said 50 per cent of its new investments would be in renewable power over the future 5 decades.

Goldman Sachs & Co. LLC is acting as advisor to Further than6 in relationship with the transaction. Kramer Levin Naftalis & Frankel LLP is acting as legal advisor to HC2, and Vinson & Elkins LLP is performing as legal advisor to Mercuria.

About HC2

HC2 Holdings, Inc. (NYSE: HCHC) has a course-leading portfolio of assets principally in Infrastructure, Everyday living Sciences, Spectrum, Insurance policies and Clear Energy. HC2 is headquartered in New York, New York and by its subsidiaries employs 2,864 people. 

About Past6, Inc.

At Over and above6, Inc., the future is in arrive at and we can provide you closer to executing your aspect for sustainability. Over and above6, Inc. is a diversified vitality alternatives organization concentrated on decarbonization. By means of our developing network of CNG stations for the transportation sector and other decarbonization providers, we are delivering opportunity to fleets across the state. Our team of highly-properly trained strategists, designers and operations specialists are shifting views as we transfer the alternate gasoline sector forward. To discover far more, check out www.over and above6.com

About Mercuria Energy Team

Established in 2004, Mercuria is a person of the biggest independent electricity and commodity teams in the earth, bringing performance to the commodity benefit chain with cutting-edge technological innovation and unmatched skills and remedies. Mercuria’s business enterprise features buying and selling flows, strategic belongings and structuring pursuits that produce extra than USD 120 billion in turnover. It operates from places of work about the planet, with a potent presence in the Americas, Asia and Europe. Information on Mercuria can be found on its web-site at  www.mercuria.com.

Cautionary Assertion About Forward-Wanting Statements

Harmless Harbor Statement beneath the Private Securities Litigation Reform Act of 1995: This press launch is made up of, and specified oral statements made by our reps from time to time may perhaps include, forward-wanting statements with regards to the proposed sale of Over and above6 to Mercuria, such as the anticipated closing day and the quantity and use of proceeds thereof, and our anticipations with regards to our ongoing evaluation of our business, cash construction and allocation of resources, including, without having limitation , any statements about analysis of our corporations, monetization of property, allocation of assets and personal debt reduction, as nicely as those that may well be discovered by text this sort of as “will,” “intend,” “expect,” “anticipate,” “should,” “could” and equivalent expressions, all of which contain dangers, assumptions and uncertainties, quite a few of which are outside of the Company’s command, and are subject to adjust. Accordingly, no assurance can be given that the proposed sale of Further than6 to Mercuria will be completed as proposed, or at all. All ahead-wanting statements talk only as of the day manufactured, and except if legally expected, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, regardless of whether as a result of new info, long run events or usually. HC2’s actual final results could differ materially from individuals expressed or implied in the forward-hunting statements because of to a variety of critical elements, both equally optimistic and detrimental, that may be revised or supplemented in subsequent statements and stories filed with the Securities and Exchange Fee (“SEC”), such as in our studies on Sorts 10-K, 10-Q, and 8-K. These challenges and other vital factors talked over under the caption “Risk Factors” in our most new Once-a-year Report on Kind 10-K filed with the SEC, and our other experiences filed with the SEC could induce genuine final results to differ materially from all those indicated by the forward-looking statements manufactured in this press launch.

Media Get hold of:
Reevemark
Paul Caminiti/Pam Greene/Luc Herbowy
[email protected]  
(212) 433-4600

Investor Contact:
FNK IR
Matt Chesler, CFA
[email protected]
(212) 235-2691