Green Equity - December 9, 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
Flex LNG (FLNG) has secured a 15-year time charter agreement for the LNG carrier Flex Constellation, starting in Q1 2026 or Q1 2026 and extending to 2041. The vessel, currently on a short-term charter until Q1 2025, will trade spot or short-term for a year before the new agreement begins. This deal increases Flex LNG’s firm backlog to 64 years (potentially 98 years with extensions) and ensures close to 90% income coverage for 2025.
GreenPower Motor (GP) has partnered with Wolfington Body as its exclusive dealer for school buses and commercial EVs in New Jersey, Pennsylvania, and Delaware. Wolfington has placed an initial order for seven Type A Nano BEAST (what a name lol) electric school buses for the Burlington County Special Services School District in New Jersey and has acquired demo units of various GreenPower models for the region.
BQE Water (BQE.V) has renewed its Normal Course Issuer Bid (NCIB) to repurchase up to 64,120 of its common shares, representing 5% of its outstanding shares, over a 12-month period from December 14th, 2024, to December 13th, 2025. Purchases will be made through Raymond James, with a 2% monthly limit on shares repurchased. Under the current NCIB set to expire on December 13th, 2024, only 200 shares were repurchased at an average price of $30.00.
Greenwave Technology Solutions (GWAV) expects $15–$35 million in revenue from a metals and other debris recycling subcontract with Core Tree Care, linked to Hurricane Helene recovery efforts. The project expands Greenwave's operations into wood recycling, leveraging its expertise and advanced equipment.
Price Targets & Reports
Canaccord Genuity has initiated coverage on Abaxx Technologies (ABXX) with a Buy rating and a C$20.00 target. The firm projects Abaxx will see strong revenue growth, reaching $187.5 million by 2030, with adjusted EBITDA breakeven by 2027 and EBITDA margins of 69%. Abaxx can spin up new contracts relatively easily, so these revenue estimations will likely turn out to be conservative. You can download the report here.