Green Equity - November 11, 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
Energy Vault Holdings (NRGV) has signed an agreement to install a 1,000 MWh battery energy storage system in New South Wales, Australia. The project, valued at around $350 million for Energy Vault’s portion, is being developed by Australia’s Enervest Group. Energy Vault will oversee engineering, procurement, and construction for the project, which awaits approval from Australian grid officials.
Verde AgriTech (NPK.TO) has secured a debt renegotiation covering 92% of its total debt, reducing its obligations by R$8.5 million. Non-adherent creditors, representing R$11.3 million, will have their debt cut by 75% and will follow new repayment terms with a lower interest rate tied to Brazil's Taxa Referencial (currently 0.82%). Pending court approval, these creditors will also have an 18-month grace period and a 108-month repayment term.
Price Targets & Reports
Truist has increased its price target for GFL Environmental (GFL) to $54 from $46, maintaining a Buy rating on the stock following the company's Q3 results. The decision reflects management's confirmation of plans to sell the Environmental Services business, aligning with recent media reports and suggesting potential for growth catalysts after the sale.
CIBC has raised its price target for GFL Environmental (GFL) from C$64 to C$69, maintaining an Outperform rating on the stock.
BMO Capital Markets has lowered its price target for Nutrien (NTR) from $75 to $70 but maintains an Outperform rating, citing strong fundamentals despite minor adjustments to earnings forecasts for 2025-2026. While the potash market appears to be stabilizing and European gas premiums support Nutrien's nitrogen segment, there are concerns about the company’s retail growth potential.
New Public Listings
Brazil Potash plans an initial public offering (IPO) on the New York Stock Exchange to help finance its $2.5 billion Autazes project in Amazonas, Brazil, which is set to become Latin America’s largest fertilizer mine. Funds will support engineering, power infrastructure, and permitting for the project, which is expected to produce 2.2 million tonnes of potassium chloride annually by 2026, covering around 20% of Brazil's potash needs. The project faces opposition from the indigenous Mura community regarding land use concerns.