Green Equity - October 17, 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
Watch listed - CleanCore Solutions (ZONE) has announced a partnership with Knight-Swift Transportation, one of North America's largest freight transportation companies. The initial agreement involves implementing CleanCore’s aqueous ozone technology across Knight-Swift’s facilities. This includes Fill Stations, Power Caddies, Commercial Laundry units, and Ice Machines.
Electric Royalties (ELEC) has agreed to acquire a cash-flowing copper stream from the Minera Cobre Verde Mine in Chile for $2.1 million. The deal grants Electric Royalties the right to purchase 76,000 pounds of copper per month at a fixed price of $2.75 per pound for four years, with the option to double the stream for an additional $2.1 million. This acquisition is expected to significantly enhance the company’s revenue and cash flow while providing exposure to rising copper prices.
Energy Recovery (ERII) has secured over $12 million in contracts to supply its PX Pressure Exchanger devices for three seawater reverse osmosis (SWRO) desalination projects in the UAE. The projects will provide nearly 1 million cubic meters of desalinated water daily and are expected to be completed by the end of 2024.
Carbon Streaming (NETZ.NE) has initiated arbitration and legal proceedings to enforce its contractual rights under the Rimba Raya project agreements with Infinite-Earth Limited and PT Infinite Earth Nusantara. This is NETZ’s flagship royalty asset. The dispute involves alleged breaches of the Rimba Raya PSA and related agreements. This follows the revocation of PT Rimba Raya Conservation’s concession license by Indonesia's Ministry of Environment and Forestry, which was subsequently voided by the Jakarta court. The ministry has until October 18, 2024, to appeal this decision.
New Public Listings
Chinese robotaxi company Pony AI has filed for an IPO on the Nasdaq under the stock symbol PONY. With a fleet of over 250 robotaxis that have driven 33.5 million kilometers, the company’s 2024 revenue nearly doubled from the previous year. Major investors include Toyota, holding a 13.4% stake, and Saudi Arabia's NEOM, which invested $100 million in 2023.