Green Equity - October 28, 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
Enovix (ENVX) laid off around 170 employees at its Fremont, California, facility as part of a $35 million cost-cutting initiative, following an earlier layoff of 185 workers. The company is moving most operations to Malaysia to better serve its primarily Asian customer base.
Star Royalties (STRR.V) highlighted Sabre Gold Mines’ definitive agreement to be acquired by Minera Alamos, a move expected to be completed in January 2025. Following the acquisition, Star Royalties' 4% gold streaming agreement on the Copperstone Gold Mine will remain intact. Minera Alamos, experienced in cost-effective mine construction and operation, aims to accelerate Copperstone’s production timeline and reduce development costs by repurposing some of its existing equipment. Star Royalties will also convert its Sabre Gold equity holdings and contingent payments into shares of Minera Alamos, resulting in a 116% premium on its investment.
GreenPower Motor (GPV) secured an $18.5 million contract to provide 50 electric school buses to seven school districts in West Virginia. Funded by the EPA Clean School Bus Program, this initiative will replace older diesel buses with zero-emission vehicles.
BacTech Environmental (BAC) has secured a C$4 million agreement with Silver Crown Royalties, exchanging common shares for annual silver payments from its Tenguel, Ecuador facility.
Uranium Royalty Corp. (URC) has acquired a 10% net profit interest (NPI) royalty on Cameco's Millennium and Cree Extension Uranium Projects in Saskatchewan, Canada, for $6 million.
FREYR Battery (FREY) received a €122 million grant from the European Union Innovation Fund to develop a Lithium Iron Phosphate (LFP) Cathode Active Material manufacturing facility in Vaasa, Finland, with an initial capacity of 30,000 tons annually. This project aligns with FREYR’s goal to scale sustainable battery technology and accelerate energy system decarbonization. Finalization of the grant is expected in early 2025 as FREYR continues discussions with partners and technology licensors.