Green Equity - August 6, 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
A U.S. court has overturned the Federal Energy Regulatory Commission's (FERC) authorization for NextDecade's (NEXT) Rio Grande LNG project because a supplemental environmental impact statement was not issued. Despite this setback, NextDecade plans to continue construction on the first three liquefaction trains and related infrastructure, while evaluating the court's decision's impact on the timing of a final investment decision for a fourth train. Phase 1 of the project, which has faced repeated delays, is expected to be completed by early 2029 at a cost of approximately $18 billion.
Clear Blue Technologies (CBLU) International Inc. has announced it has secured a financial package valued between $2.2 and $2.9 million. This funding includes a government-backed innovation loan, private convertible debentures, and deferred payments from BDC Bank. The investment aims to enhance Clear Blue's AI-driven Smart Power solutions, targeting global Smart City and IoT markets.
Zefiro Methane (ZEFI) has announced that its subsidiary, Plants & Goodwin (P&G), has signed a Securities Exchange Agreement to acquire the remaining common shares from P&G's CEO, Luke Plants, in exchange for newly issued preferred stock. Luke Plants has been promoted to CEO of Zefiro Services and EVP of Business Development, and the transaction, expected to close by August 31, 2024, will result in Zefiro owning 100% of P&G.
Greenlane Renewables (GRN) has secured a €1.3 million contract with a European customer through its subsidiary, Airdep S.r.l., to supply several biogas desulfurization units. These units are critical for removing hydrogen sulfide from raw biogas, ensuring the protection of downstream equipment.
Price Targets & Reports
H.C. Wainwright has lowered the price target for Aqua Metals (AQMS) shares from $4.00 to $2.00 due to halted negotiations for a $33 million secured credit facility. This suspension is influenced by high interest rates and a 25% decline in lithium carbonate prices since May 2024. The credit facility was intended for the expansion of the Sierra ARC project, delaying its Phase 1 completion from late 2024 to late 2025 and affecting its supply agreement with 6K Energy. Aqua Metals is seeking alternative funding.
New Public Listings
Pod Point, an electric vehicle charging company in Britain, plans to go public on the London Stock Exchange. The company, which is majority-owned by France's EDF, is Britain's largest provider of home charging points and the second-largest for workplace charging. The IPO will include the sale of new shares and some from existing shareholders, including Legal & General Capital Investments, while EDF will retain a majority stake of over 50% after the listing.