Green Equity - July 23, 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 acquired the Annular Linear Induction Pump (ALIP) technology, which uses electromagnetic pumps for nuclear reactor cooling, from physicist Dr. Carlos O. Maidana. This innovative technology, integrated into NANO Nuclear's 'ODIN' microreactor, enhances reliability by eliminating moving parts and increases core power density by improving coolant circulation. The company will fund a Small Business Innovation Research (SBIR) Phase III project with Dr. Maidana to further develop this technology, building on over $1.37 million in previous DOE grants.
Lithium Ionic (LTH) has entered into a definitive royalty agreement with Appian Capital Advisory LLP, providing the company with $20 million in upfront cash in exchange for a 2.25% gross revenue royalty on its Bandeira Lithium Project in Brazil. The funds will be used to advance the development and construction of the Bandeira Project, as well as for general corporate purposes. The agreement includes an option for Lithium Ionic to buy back the royalty within five years for $67.5 million, with the royalty obligations secured by assets related to the project.
Altius Renewable Royalties (ARR) has announced a new financing agreement with Nokomis Energy, LLC for up to $30 million in royalty investments related to Nokomis's solar development projects across seven U.S. states. The investment will be made in tranches as Nokomis achieves certain project milestones, with an initial $6 million invested upon closing, and will allow Great Bay to receive a 3% or greater gross revenue royalty on each project until a target minimum return is achieved. Great Bay also has the option to invest an additional $15 million in future royalty financing, demonstrating a commitment to expanding renewable energy initiatives.
New Public Listings
Aduro Clean Technologies (ACT), a company developing new recycling technology for waste plastics, heavy bitumen, and renewable oils, has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common shares in the United States. The company has applied to list its shares on the NYSE American exchange, with EF Hutton LLC acting as the sole book-running manager for the offering. The number of shares to be offered and the offering price have not been determined yet, and the IPO will occur after the SEC completes its review process, subject to market conditions.