Green Equity - January 28, 2025
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
Capital Clean Energy Carriers (CCEC) is launching an at-the-market (ATM) offering with Jefferies to raise up to $75 million for vessel acquisitions and debt repayment. The Greece-based company, controlled by Evangelos Marinakis, owns 12 LNG carriers and is expanding its fleet with a $756 million investment in 10 new gas carriers.
Watts Water Technologies (WTS) has acquired I-CON Systems, a provider of plumbing control solutions for the corrections market, with annual sales of approximately $25 million. The acquisition was funded with cash on hand. Further details will be discussed during Watts’ Q4 earnings call in February 2025.
Carbon Done Right Developments Inc. (KLX.V) has closed the second tranche of its non-brokered private placement, issuing 10 million shares at $0.015 per share for gross proceeds of $150,000. This brings the total funds raised so far to $255,000. The proceeds will support the company’s flagship forest carbon restoration project and investment requirements under a pre-purchase agreement. The final tranche is expected to close in January 2025, subject to TSX Venture Exchange approvals.
Stolt-Nielsen Limited (SNI) has agreed to acquire all shares of Avenir LNG Limited, which is owned by Golar LNG Limited and Aequitas Limited. Upon completion in Q1 2025, Stolt-Nielsen Gas Ltd. will control approximately 94.37% of Avenir LNG. Avenir LNG specializes in small-scale LNG supply and operates a fleet of five bunkering vessels, with two more under construction. Following the transaction, Stolt-Nielsen intends to offer to buy out the remaining Avenir LNG shareholders.
BWX Technologies (BWXT) secured contracts worth over C$1 billion to support Ontario Power Generation’s (OPG) nuclear projects. BWXT will manufacture 48 steam generators for the Pickering Nuclear Generating Station's life extension and build the reactor pressure vessel for the BWRX-300 small modular reactor (SMR) at Darlington. The Pickering project will extend reactor operations by 30 years, while the Darlington SMR is set to be the first on-grid SMR among G7 nations.
New Public Listings
Hong Kong-based SAF producer EcoCeres is reportedly considering an IPO on a European stock exchange in 2026. The offering could raise between $500 million and $1 billion, potentially valuing the company at around $5 billion. Founded by Hong Kong & China Gas Limited (Towngas), EcoCeres specializes in converting waste into renewable fuels, chemicals, and materials.