Green Equity - June 31, 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 company in the carbon dioxide removal (CDR) clean technology sector, has provided updates on its current and upcoming activities. The company is working with Red Mountain Biochar LLC on a biochar project in Texas, focusing on building a pyrolysis facility to process wood chips, which are essential for producing biochar. Additionally, BluSky plans to participate in key industry events, such as the Carbon Unbound European Business Summit in London on September 11-12 and the West Coast CDR Business Summit in San Francisco on October 24-25, to further its engagement with industry leaders and investors.
Loop Industries (LOOP) has announced a significant milestone in its partnership with Reed Management SAS, as Societe Generale acquires a 75% stake in Reed, providing an initial €250 million funding that could increase to €350 million. This financial backing secures funding for Reed's investments and supports Loop’s deployment of its recycling technology in Europe and India.
Prime Drink Group (PRME) has closed the second tranche of its private placement financing, raising $1,195,000 through the issuance of 1,912,000 subscription receipts at $0.625 each. This offering is part of a larger transaction in which Prime plans to acquire all outstanding shares of Triani Canada Inc., as detailed in a share purchase agreement amended on May 21, 2024. The subscription receipts will automatically convert into common shares of Prime once certain escrow release conditions are met, including the completion of the Triani acquisition.
Price Targets & Reports
B.Riley has increased the price target for Golar LNG (GLNG) from $35.50 to $44.50, maintaining a Buy rating, due to the anticipated benefits of a new 20-year contract with Pan American Energy for a Floating Liquefied Natural Gas (FLNG) vessel in Argentina. This project will process natural gas from the Vaca Muerta shale formation, the world's second-largest shale gas reserve.