Green Equity - July 24, 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
Carbon Done Right Developments (KLX) has received the fifth disbursement of financing for its Sierra Leone rewilding project, marking the completion of all milestones required under a pre-purchase agreement with BP. The project aims to reforest an initial 5,000 hectares of forest, with plans to expand to 20,000 hectares, potentially generating up to 1.7 million tonnes of carbon credits over 30 years.
Altius Renewable Royalties (ARR) announced that it has secured a $40 million term loan facility with Nova Clean Energy, LLC. This loan will provide the company with up to 500 MW of additional royalties from Nova’s projects, on top of the 1.5 GW of renewable energy projects already involved in their initial partnership. Nova's development pipeline includes 25 projects totaling approximately 6.5 GW across wind, solar, and battery storage.
Clean Energy Fuels (CLNE) has begun constructing an $85 million renewable natural gas (RNG) facility in Texas, which will be one of the largest RNG production sites in the U.S. The facility is expected to be completed in 2025 and will produce approximately 2.6 million gallons of RNG annually from the waste of the dairy's 16,000 cows. This RNG will be distributed through Clean Energy's nationwide network of stations, allowing the dairy to monetize manure waste and gain environmental credits.
Charbone Hydrogen (CH) has announced the arrival of its first tube trailer for transporting and delivering compressed green hydrogen from its flagship facility in Quebec. Charbone's Sorel-Tracy facility, set to begin production in the second half of 2024, will initially produce up to 400kg of green hydrogen per day, with plans to expand to 10 tons per day.
Centrus Energy (ticker: LEU) has been granted a waiver by the U.S. Department of Energy to import low-enriched uranium (LEU) from Russia for delivery to U.S. customers in 2024 and 2025, despite the upcoming Prohibiting Russian Uranium Imports Act that bans such imports. This legislation aims to eliminate reliance on Russian uranium until the end of 2040, but the waiver process ensures US nuclear power plants (NPPs) don't face supply disruptions while the US enhances its domestic LEU capacity. The company is awaiting a decision on a second waiver for importing Russian LEU for re-export to foreign customers and plans to file a third waiver request for 2026 and 2027 deliveries for use within the U.S.