Green Equity - October 23, 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 (NRGV) and Enervest have signed a $350 million agreement to deploy a 1 GWh battery energy storage system (BESS) at Stoney Creek, New South Wales, Australia.
CHAR Technologies (YES.V) has announced a non-brokered private placement to raise up to C$2.5 million by issuing 12.5 million units at C$0.20 per unit. Each unit will include one common share and half a share purchase warrant. The proceeds will be used for general working capital and to advance the Thorold Project towards biocarbon production. The closing is expected on October 25th, 2024.
Greenway Technologies (GWTI) has introduced the H-Reformer, a new modular system that converts natural gas into hydrogen and carbon dioxide. Building on the company's previous G-Reformer, the H-Reformer is designed to focus on hydrogen production by converting more carbon monoxide into carbon dioxide, resulting in a higher hydrogen yield. The H-Reformer® can produce "blue" or "green" hydrogen depending on the natural gas source and eliminates transportation costs by generating hydrogen at the point of use. Greenway is currently in discussions with several potential partners for hydrogen production.
Price Targets & Reports
Roth MKM has raised its price target for Energy Vault (NRGV) from $2 to $2.50, maintaining a Buy rating on the stock. This adjustment follows Energy Vault's recent $350 million agreement with Enervest.
I’ve owned Energy Vault for awhile. There is a lot of promise in this company; a lot of positive things have been proposed at investor day and quarterly earnings calls. But the one big negative is that they put in a gravity storage system in China a year ago and they don’t provide updates on it. It is a project that has been completed and is undergoing testing and incorporation into the grid. But it appears the final sign-off and regulatory approval is still pending. At the last conference call they simply said that it was charging and discharging to the grid, but no final acceptance.