Green Equity - September 10, 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
Crown LNG Holdings (CGBS) is planning a new LNG export project in the US Gulf Coast, aiming to directly supply importers, including those in India and Scotland, where it is also pursuing import terminal projects. The project, still in its early stages, is expected to feature two production units with a combined capacity of up to 10 million metric tons per year and may cost just under $10 billion. The location and permits for the US project are yet to be finalized.
Cielo Waste Solutions (CMC), a Canadian waste-to-fuel company, has updated its plans to acquire a synthetic fuel facility in Carseland, Alberta, from Rocky Mountain Clean Fuels. The facility uses Expander Energy’s patented enhanced gas-to-liquids (EGTL) technology to produce synthetic diesel and jet fuel from natural gas and natural gas liquids. Cielo plans to build a gasifier adjacent to the facility to integrate its biomass-to-liquids (EBTL) technology, allowing the production of Bio-SynJet and Bio-SynDiesel from biomass inputs.
Tsakos Energy Navigation (TEN) has secured four new time charter contracts for its fleet, including an Aframax, two Panamaxes, and an MR oil product tanker, each with 14-month durations. These charters boost TEN’s forward order book to $1.4 billion.
ClearSign Technologies (CLIR) has received an order from Exotherm Corporation for a burner to be installed in a natural gas heater for a power generation company in Oklahoma. This marks ClearSign’s first entry into the power generation market and its first commercial installation in Oklahoma. The burner, designed for dewpoint control in a bath heater, is expected to be shipped by the end of Q4 2024.
Carbon Done Right (KLX) has provided updates on its carbon credit project developments and management changes:
The company is progressing with its West African Rewilding project, aiming to plant 3,400 hectares by the season's end, aided by favorable rainfall
The project design has been finalized under Verra’s new VM0047 protocol, and a key site visit with the audit company for validation has been completed.
The company is also in ongoing negotiations to secure capital for further project expansion and is engaging with governments in other jurisdictions.
Additionally, CFO Matthew Roma will be stepping down, with the company currently searching for his replacement.
Montrose Environmental Group (MEG) has acquired Origins Laboratory, a NELAP-certified environmental testing lab based in Denver, Colorado, specializing in water, soil, and air contamination analysis for oil and gas clients in the Rocky Mountain region. Origins offers advanced services like air analysis for VOCs and PFAS measurement.
Comstock (LODE) and its subsidiary, Comstock Metals Corporation, have secured new revenue contracts for the decommissioning and recycling of end-of-life solar panels. Comstock Metals operates a facility in Silver Springs, Nevada, where they efficiently recycle materials like aluminum, copper, silver, and glass, achieving a closed-loop, zero-landfill process. The company has expanded its services to include deinstallation, transportation, and storage of solar panels, generating additional revenue streams.
Clear Blue Technologies International (CBLU) has signed a Notice of Award with Growth Energy to supply its power technology and management service for a diesel replacement project in Africa. The project aims to convert telecom sites from diesel to solar power to address fuel cost and availability issues. Phase 1 shipments are expected to total around $1.1 million CAD in 2024, with two additional phases planned, potentially bringing the total project value to $4 million from 2024 through 2026.
Price Targets & Reports
Seaport Research has initiated coverage of Oklo with a “Neutral” rating, citing the company's efforts to secure Nuclear Regulatory Commission (NRC) approval for its small modular fast reactor technology. The research note highlights confidence in Oklo's technology and leadership but underscores the critical nature of the NRC licensing process, which is seen as a pivotal factor that will determine the company's ability to advance its business. This licensing is viewed as a "binary event" that could either enable or hinder Oklo's future development.
New Public Listings
XCharge, a Chinese EV charging company with operations in Europe, raised $20.7 million in its US IPO by pricing shares at $6.20. The company plans to list on the Nasdaq under the ticker XCH.