Green Equity - August 28, 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
Electric Royalties (ELEC) is converting over C$217,000 of accrued interest owed to Gleason & Sons LLC into common shares, pending approval from the TSX Venture Exchange. The shares will be issued at C$0.17 each in September 2024 as part of a "Shares for Debt" agreement. This strategic move allows Electric Royalties to leverage the increasing demand for essential commodities within the battery metals industry.
BluSky Carbon (BSKY), a company specializing in carbon removal technologies, has implemented an equity incentive plan to reward its consultants with stock options and restricted share units (RSUs). The firm granted 100,000 stock options, which will expire in five years and include specific vesting milestones. In addition, BluSky Carbon has issued 903,542 RSUs, both of which are subject to a four-month hold period.
EMX Royalty (EMX) has executed an exploration and option agreement with Alpha Future Funds for its Sulitjelma Project in Norway, a past producer of copper from VMS deposits. Under the agreement, EMX will receive an initial cash payment of US$50,000 and additional deferred payments, advance royalty payments, milestone payments, and a 2% NSR royalty upon Alpha exercising the option.
Price Targets & Reports
Bernstein reaffirmed its “Outperform” rating for ITM Power (ITM), despite slightly lowering the price target to 90p due to a cautious outlook on revenue and order intake. ITM Power has secured significant contracts, including a 100MW deal with Shell, and aims to reach financial breakeven at 400MW production capacity.