Green Equity - July 19, 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
NANO Nuclear Energy (NNE) has signed a Memorandum of Understanding (MOU) with Everstar Inc. to utilize AI solutions for streamlining regulatory licensing processes in nuclear technology. This two-year non-binding agreement aims to integrate Everstar's AI-driven methodologies into NANO Nuclear's projects, potentially expediting approval timelines and reducing costs through automation and improved compliance management.
Zefiro Methane (ZEFI) has announced the commencement of trading on the OTCQB. This listing aims to provide the company with access to a broader U.S. investor base. Zefiro previously completed its Initial Public Offering (IPO) on the Cboe Canada exchange in April 2024 and launched its listing on the Frankfurt Stock Exchange (FSE) in May 2024.
Ostrom Climate Solutions (COO), a carbon project developer and consulting firm, has announced a private placement to raise $1,000,000 by issuing 10 million common shares at $0.10 each. The funds will be used to enhance the company's general working capital and repay existing debts. This offering is subject to the approval of the TSX Venture Exchange and includes a four-month hold period.
New Fortress Energy (NFE) has shipped its first LNG cargo from its $2 billion offshore platform, FLNG1, in Altamira, Mexico. The platform, developed in partnership with Mexico's CFE, processes U.S. natural gas and has a capacity of 1.4 million tons per year. New Fortress Energy plans a second FLNG facility, FLNG2, expected to be completed by 2026 with $700 million in secured financing.
Victory Clean Energy (VYEY) has entered into a binding agreement to acquire the intellectual property and exclusive rights to Proton Power's Cellulose to Hydrogen Power (CHyP) system, designed for low-cost green hydrogen production from biomass and waste. The CHyP engine aims to significantly reduce hydrogen production costs and minimize storage/distribution needs. Victory plans to deploy this technology in a commercial facility for the Redding Rancheria Tribe in California by 2025. The acquisition is valued at $100 million and structured over five years.
Price Targets & Reports
BMO Capital has maintained an Underperform rating on Plug Power (PLUG) with a price target of $2.25, citing concerns over the company's liquidity following a $200 million equity offering and a decrease in its unrestricted cash balance. Despite recent initiatives in the hydrogen sector and a conditional loan guarantee from the Department of Energy, BMO Capital's stance reflects ongoing worries about the company's long-term financial stability.