Green Equity - June 26, 2024
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
ClearSign Technologies (CLIR) has announced the sale of its largest horizontally fired process burner to Devco Process Heaters. The burner, which has a capacity of nearly 90 million BTU/hr, is double the size of its previous largest burner. It is expected to be delivered in the third quarter.
Enovix (ENVX) has signed a Memorandum of Understanding (MOU) with Elentec, a major consumer electronic battery pack manufacturer serving companies like Samsung. This agreement will allow Enovix to leverage Elentec's battery pack design and high-volume manufacturing capabilities. The companies plan to enter a strategic partnership, contingent on successful technical and business negotiations, to integrate Enovix's battery cells into various battery packs for consumer, industrial, and military applications.
Green Hydrogen Systems A/S (GREENH.CO) has completed phase 1 of reliability testing for its X-Series hydrogen electrolyzer prototype, allowing the company to proceed with binding contractual commitments based on performance. Phase 2 will involve further technical and operational testing, with the X-Series available for order intake starting in 2024, supported by the EU's Horizon 2020 funding under the GreenHyScale project.
Charbone Hydrogen (CH.V), a pure-play green hydrogen company, has signed a supply agreement for a complete containerized electrolyzer system for its flagship green hydrogen site in Sorel-Tracy, Quebec. The electrolyzer, with a higher capacity than initially planned, is expected to be installed and commissioned within 4-6 weeks upon arrival, with delivery anticipated in Q3-2024.
On June 25, 2024, Limoneira’s (LMNR) Board of Directors declared a quarterly cash dividend of $0.075 per common share, payable on July 19, 2024, to stockholders of record on July 8, 2024. Limoneira, an international agribusiness headquartered in Santa Paula, California, is a leading producer of lemons, avocados, and other crops. The company operates on 10,500 acres of agricultural land and real estate properties in California, Arizona, Chile, and Argentina.
Altius Minerals Corporation (ALS.TO) announced that on June 24, 2024, it sold 10,000,000 common shares of Churchill Resources Inc. (CRI) at $0.05 per share for a total of $500,000. This transaction reduced Altius's holdings in Churchill from 12.6% to 5.5% of the issued and outstanding common shares, representing a decrease of approximately 7.1%.
LanzaJet, a sustainable aviation fuel (SAF) technology company launched by LanzaTech (LNZA) in 2020, has secured an investment from Mitsubishi UFJ Financial Group (MUFG) as part of its ongoing $100 million growth equity funding round. Earlier in the year, LanzaJet initiated operations at its commercial-scale ethanol-to-SAF plant, Freedom Pines Fuels, in Georgia, capable of producing 10 million gallons annually.
Price Targets & Reports
Arrowhead Business and Investment Decisions, a financial services firm, updated their price target range for Aduro Clean Technologies (ACT), a recycling technology developer, to C$3.9-C$5.6 per share.
New Public Listings
According to five sources familiar with the matter, Solenis, a specialty chemicals producer, is considering going public in 2025 and has been engaging with investment banks to explore this possibility. The company and its owner, Platinum Equity, have not yet formally initiated a process to select a syndicate of banks for the IPO. Two sources indicated that these discussions could lead to a formal selection of advising banks by the end of 2024.
Direxion has launched a new ETF, the Direxion Daily Uranium Industry Bull 2X Shares (URAA). This ETF offers leveraged exposure to companies in the nuclear energy sector and aims to deliver twice the daily performance of the Solactive United States Uranium and Nuclear Energy ETF Select Index. The fund has an expense ratio of 1.44%.