Green Equity - September 13, 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
DevvStream Holdings (DESG) has received final approval from the British Columbia Supreme Court for its plan of arrangement with Focus Impact Acquisition (FIAC), advancing the previously announced De-SPAC transaction. FIAC shareholders approved the SPAC transaction at a special meeting on September 13, 2024. However, the closing date, initially set for September 16, 2024, has been delayed.
Westport Fuel Systems (WPRT) has initiated an at-the-market equity offering program to raise up to $35 million by selling its common shares. The proceeds will be directed toward expanding the company’s hydrogen business, supporting research and development, and covering other corporate expenses.
Ballard Power Systems (BLDP) announced a global restructuring plan to reduce operating expenses by over 30% due to delays in hydrogen infrastructure development and fuel cell adoption. The restructuring includes workforce reductions, product development adjustments, and operational consolidations, with savings expected to be realized by 2025.
Price Targets & Reports
H.C. Wainwright has reaffirmed its “Buy” rating and $14.00 price target for GEVO following the company's acquisition of Red Trail Energy's ethanol production plant and carbon capture and sequestration (CCS) assets for $210 million.
H.C. Wainwright lowered EMX Royalty Corporation's price target from $6.75 to $6.50 but maintained a “Buy” rating after its Q2 2024 results.