Green Equity - July 1, 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
Spruce Power Holding Corporation (SPRU), a major U.S. solar energy asset operator, announced the closure of a $130 million non-recourse debt facility provided by Barings LLC. This new debt facility refinances the company's $125 million term loan and offers additional capital, leveraging strong asset performance and retaining cash flows for shareholders. The facility is rated A+ by Kroll and has a fixed loan rate of 6.889%.
Oilfield services company Archer (ARCH.OL) is expanding its portfolio by acquiring Moreld Ocean Wind (MOW), a floating offshore wind solutions provider, for an undisclosed amount. The acquisition includes a minority stake in Ocergy, a US/French floater developer, co-invested with Chevron Technology Ventures.
Dragonfly Energy Holdings (DFLI) has entered into a partnership with Refreshment Services Pepsi to provide lithium-based liftgate power solutions for their fleet operations across the U.S. Refreshment Services Pepsi, a distributor for Pepsi-Cola® products. Pepsi will integrate Dragonfly Energy's Battle Born Batteries® into their trucks, replacing traditional lead-acid batteries.
Tellurian Inc. (TELL) announced the completion of the sale of its integrated upstream assets to Aethon Energy Management LLC for $260 million. This sale, aimed at advancing the Driftwood LNG project, allowed Tellurian to retire $230 million of Senior Secured Notes due in 2025.
Eos Energy Enterprises (EOSE) announced the successful launch of commercial production on its first manufacturing line in Turtle Creek, Pennsylvania. This milestone, achieved under Project AMAZE, enhances Eos' capacity to produce its zinc-based Eos Z3TM batteries at scale.
NextDecade Corporation (NEXT) announced that its subsidiary, Rio Grande LNG, LLC, issued $1.115 billion of senior secured notes at a fixed interest rate of 6.58%. The proceeds will reduce outstanding borrowings and commitments under existing term loan facilities for Phase 1 of the Rio Grande LNG Facility.
NANO Nuclear Energy (NNE) recently disclosed a Memorandum of Understanding (MOU) with Curio Solutions to optimize nuclear fuel recycling capabilities for NANO Nuclear’s portable nuclear microreactors. Curio Solutions is known for its advanced nuclear recycling technology and the NuCycle process, which aims to reduce nuclear waste. The one-year preliminary MOU may lead to more formal agreements if the collaboration progresses as planned.
New Public Listings
Renergen (RLT), a producer of helium and LNG, is preparing for a Nasdaq IPO and has further production expansion plans for its Virginia project. Renergen secured $750 million for Phase 2 development, with an additional $500 million from the US government and $250 million from Standard Bank of South Africa.
BlackRock has launched five new climate transition ETFs:
iShares MSCI World Climate Transition Aware UCITS ETF
iShares MSCI Europe Climate Transition Aware UCITS ETF
iShares MSCI EMU Climate Transition Aware UCITS ETF
iShares MSCI US Climate Transition Aware UCITS ETF
iShares MSCI Japan Climate Transition Aware UCITS ETF