Green Equity - November 21, 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’s (BSKY.V) joint venture, BluMountain, has partnered with Neutralizing Environmental Trash Inc. (NET) in a 50/50 JV to deploy biochar technology in the southeastern U.S. The venture plans to procure $7 million worth of Vulcan pyrolysis equipment and services from BluSky, using local wood waste as feedstock to achieve an annual carbon removal target of 50,000 tonnes. However, project financing is yet to be secured.
RE Royalties (RE.V) has entered into a C$10 million loan agreement with Abraxas Power to fund solar projects in the Maldives, with an initial C$1.4 million tranche supporting 0.77 MWDC rooftop solar installations at a hospital and a resort. The loan features an 18-month term, 13% annual interest, and a 2% gross revenue royalty for the PPA duration. Additionally, RE Royalties settled loans with Switch Power, acquiring full ownership of battery storage and solar assets totaling 5.73 MW capacity.
Pennybacker Capital Management has acquired the Miami LNG business from New Fortress Energy (NFE), a small-scale liquefaction operation producing up to 8,300 MMBtu of LNG daily. This provides additional capital to support NFE’s operations.
New Public Listings
CO2 Energy Transition Corp, a Delaware-based SPAC, has priced its $60 million initial public offering at $10 per unit, with each unit including one share of common stock, a redeemable warrant, and one-eighth of a share right. The units will trade on the Nasdaq under the symbol "NOEMU" starting November 21, 2024, with separate trading expected later under "NOEM," "NOEMW," and "NOEMR." The offering is underwritten by Kingswood Capital Partners and is set to close on November 22, 2024. The SPAC plans to target the carbon capture, utilization, and storage (CCUS) sector for its initial business combination.