Green Equity - August 30, 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
Abaxx Technologies (ABXX) has acquired PrivacyCode, a data governance platform that helps organizations manage compliance and governance across various disciplines. The acquisition was completed through Abaxx Technologies Corp. (Barbados), a wholly-owned subsidiary of Abaxx, under a merger agreement dated August 21, 2024. As part of the deal, Abaxx issued 37,146 common shares at C$11.07 per share to settle existing simple agreements for future equity (SAFE Agreements) with PrivacyCode.
Eos Energy Enterprises (EOSE) has secured $30 million from Cerberus Capital Management following the achievement of key performance milestones, which will help expand its manufacturing operations in Turtle Creek, Pennsylvania. Additional funding tranches totaling $105.5 million are available contingent upon further milestones by early 2025.
BAIYU Holdings (BYU) has secured a $60 million contract to supply 50,000 electric lithium battery sets to Feng's Auto Parts, marking its entry into the U.S. market. The battery deliveries are expected to be completed by May 2025.
BAIYU Holdings (BYU) has signed a definitive agreement to acquire Shenzhen Jintongyuan Energy Storage, a company specializing in high-performance energy storage batteries. The acquisition, valued at approximately $105 million, aligns with BAIYU's strategy to expand its footprint in the renewable energy storage battery market. The transaction will be paid in installments, and the closing is anticipated around September 2024.
Aker Solutions (ACC), in partnership with Petronas Carigali, MISC, and Clean Energy System, has launched the Zero Emission Power Station (ZEUS), an innovative oxyfuel combustion technology that captures 100% of CO2 emissions during power generation. The ZEUS solution converts high CO2 natural gas into dispatchable power, with CO2 immediately stored or utilized to enhance oil and gas production before permanent storage.
Aqua Metals (AQMS) has established a new sales agreement with The Benchmark Company, LLC to sell its common stock as needed, potentially raising up to $30 million. The new agreement allows Aqua Metals to issue shares at market prices, providing flexibility in its funding strategy.
New Public Listings
X-Charge, a provider of DC fast chargers and EV technology based in China and Europe, has increased the proposed size of its upcoming IPO to $23 million by offering 3.3 million ADS at a price range of $6 to $8. This would give the company a fully diluted market value of approximately $415.3 million. The company booked $42 million in sales for the year ending March 2024 and plans to list on the Nasdaq under the symbol XCH.