Green Equity - June 27, 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
BluSky Carbon (BSKY), a carbon removal company, has announced an initial $1.94 million in sales from carbon removal credit offsets and new equipment sales. The company signed a 2-year offtake agreement with SQUAKE valued at US$1.25 million, with an option to expand up to $1.6 million. Additionally, BluSky secured a $686,155 contract to provide technology to the City of Minneapolis, with $393,000 received in pre-payments. The company's Vulcan Heavy system is expected to be operational by the end of 2024.
Altius Renewable Royalties (ARR) has announced a new $30 million financing deal with U.S. renewable energy developer Nokomis Energy. This investment will support Nokomis's portfolio of 77 solar development projects across seven states, with funds being distributed in tranches as project milestones are met. Great Bay (an ARR subsidiary) will receive a gross revenue royalty agreement on each project until a target minimum return is achieved, with an initial $6 million investment upon closing. Additionally, Great Bay has the option to invest an extra US$15 million into Nokomis in the future.
Legend Power Systems (LPS) has achieved key sales growth milestones and significant public sector adoption of its SmartGATE technology. Notable developments include an order and deposit from contractors for the City of New York School Construction Authority, installations for the U.S. Department of Homeland Security, and a large federal office within Washington D.C.'s Federal Triangle. Additionally, four SmartGATE systems were delivered to a school system in New Mexico.
DevvStream Holdings (DESG) has partnered with OK2Charge to advance EV charging infrastructure in the rental property market while generating carbon credits. This agreement will provide OK2Charge with a new revenue stream, supporting the expansion of its EV charging network, and integrate with DevvStream's Electric Vehicle Charging Carbon Offset Program (EVCCOP). Partners in the EVCCOP will receive the majority of net revenues from carbon credit sales, while DevvStream retains a portion for its services in developing and monetizing the credits.
LanzaTech (LNZA) and LanzaJet have introduced CirculAir, a commercially ready solution to convert waste, carbon, and renewable power into Sustainable Aviation Fuel (SAF). This end-to-end technology utilizes gas fermentation to produce ethanol from various waste sources, followed by Alcohol-to-Jet (ATJ) technology to convert the ethanol into SAF and Renewable Diesel (RD).
New Public Listings
Goldenstone Acquisition Limited (GDST) has announced a definitive business combination agreement with Infintium Fuel Cell Systems, a hydrogen fuel cell technology provider based in Greer, South Carolina. The business combination will result in the formation of Infintium Fuel Cell Systems Holdings. Upon completion, the combined company’s common stock is expected to be publicly listed on The Nasdaq.
Invesco has launched a new climate-focused exchange-traded fund (ETF), the Invesco MSCI Global Climate 500 ETF, with significant initial funding of $1.6 billion from Finland's Varma Mutual Pension Insurance Company. This ETF aims to be a core investment option that integrates environmental considerations. The fund tracks the MSCI ACWI Select Climate 500 Index