Green Equity - October 16, 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
Gevo's (GEVO) Net-Zero 1 project has received a $1.46 billion conditional loan guarantee from the U.S. Department of Energy. The project, located in Lake Preston, South Dakota, will produce 60 million gallons of SAF annually. This is the first large-scale alcohol-to-jet (ATJ) project to receive DOE backing.
Calumet's (CLMT) subsidiary, Montana Renewables, received a conditional $1.44 billion loan guarantee from the Department of Energy. This funding will support the expansion of Montana Renewables' facility. With the expansion, the facility will have a production capacity of 300 million gallons of SAF.
GreenPower Motor Company (GP) has delivered four all-electric school buses in Arizona, California, and West Virginia during the first half of October 2024. The company also announced plans to deliver six more school buses to California and West Virginia in the near future.
Prime Drink Group (PRME.CN) has raised an additional $2.2 million for its acquisition of Triani Canada, a deal expected to close by the end of October 2024. The funding includes $1.19 million from the third and final tranche of a non-brokered private placement of subscription receipts, which will convert into shares upon satisfying escrow conditions related to the transaction, and $1 million from the closing of a unit offering. Prime has raised nearly $9 million in total since announcing the acquisition, with the funds to be used for the acquisition, business development, and working capital.
Norway's central bank, Norges Bank, has acquired a 7.95% stake in Plug Power (PLUG), a leader in fuel cells and green hydrogen production.
Price Targets & Reports
Bank of America downgraded CF Industries Holdings (CF), a leading hydrogen and nitrogen products manufacturer, to "underperform" from "neutral" with a price target of $83, citing concerns about a slowdown in the global nitrogen price rally.