Green Equity - January 8, 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
Mobile Uplift Corporation (MUC) is set to complete its acquisition of Lilium's (LILMF) operating assets by January 20th, 2025. The deal includes a €200 million capital injection to advance the Lilium Jet toward certification, although additional funding will be required given Lilium's high cash burn rates. Around 800 staff are transitioning to MUC, with operations expected to restart soon, but development timelines, including the maiden flight planned for early 2025, are likely delayed.
EMX Royalty (EMX) has entered into option agreements with Pacific Ridge Exploration to sell four mining projects in the Western U.S. The agreements cover projects in Arizona, Nevada, Utah, and Wyoming, with Pacific Ridge having the option to acquire 100% interest over five years, in exchange for cash, shares, and exploration commitments. EMX will retain a 3% net smelter return royalty on each project, along with potential milestone payments and annual royalties.
Carbon Done Right Developments (KLX.V) has completed the third-party validation of its large-scale carbon credit project in Sierra Leone, marking a significant milestone as it becomes one of the first projects validated under the new Verra VM0047 protocol for nature-based restoration. The company has already secured a long-term offtake agreement for most of the carbon credits generated, with plans to expand the planting area to 25,000 hectares, potentially producing over 10 million tonnes of carbon credits over its lifespan. Additionally, Carbon Done Right is progressing on a private placement, aiming for a final close later in January 2025.
Vertical Aerospace (EVTL) has finalized an agreement with Mudrick Capital Management for up to $50 million in new funding, along with the conversion of $130 million in debt into equity at a fixed conversion price. The transaction is expected to strengthen the company's balance sheet by approximately $180 million. The funding will support Vertical's efforts in advancing its VX4 electric vertical take-off and landing (eVTOL) aircraft, which is currently undergoing piloted flight tests.
OPAL Fuels (OPAL) has signed a six-year RNG supply agreement with a leading freight logistics provider. This long-term deal covers the supply of RNG to five new fueling stations that OPAL is building and will service. Two stations are set to open in January 2025, with the remaining three opening in the next six to twelve months.