Green Markets - September 11, 2024

Sep 11, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

Russian President Vladimir Putin suggested that Russia should consider restricting exports of uranium, titanium, and nickel as a response to Western sanctions. Russia is a key global supplier of these metals, and any cutbacks could disrupt markets, especially since Russia is the world's largest producer of refined nickel and a significant source of uranium enrichment and titanium for the aerospace and industrial sectors. However, Putin clarified that no immediate actions are necessary and any restrictions should be carefully considered to avoid negative impacts on Russia itself.
The Federal Energy Regulatory Commission (FERC) has approved BlackRock's $12.5 billion acquisition of Global Infrastructure Partners, despite protests from nonprofits concerned about increased influence over utilities. The deal includes $3 billion in cash and 12 million shares in a new BlackRock subsidiary.

Abu Dhabi National Oil Company (ADNOC) is expected to formally offer about $15.9 billion for German chemicals firm Covestro, including debt. ADNOC, which has been interested in Covestro for over a year, recently received access to detailed data from the company after an improved initial bid of €11.7 billion.

Chinese automaker Geely is exploring potential locations for a manufacturing plant in Europe but has not yet made a definitive decision. Ongoing discussions include a potential joint electric vehicle plant in Poland. Geely's Lynk & Co brand plans to launch a China-made battery-electric car in Italy next month and eventually produce its next model in Europe.
Stellantis announced a $406 million investment in three Michigan facilities to advance its electric and hybrid vehicle development. This initiative is part of Stellantis' broader $55 billion plan to achieve a 100% battery electric vehicle (BEV) sales mix in Europe and 50% BEV sales in the U.S. by 2030.
Trevor Milton, the founder of Nikola, has been ordered to pay $167.7 million to the electric truck maker following his conviction for fraud. U.S. District Judge Diane Humetewa upheld an arbitration panel's decision, requiring Milton to cover Nikola's $121.25 million fine and nearly $46.5 million in legal fees. Milton, who was convicted in October 2022 for misleading investors, remains free on bail while appealing his conviction and sentence.

Turkey is set to sign a 10-year LNG supply agreement with France’s TotalEnergies, according to an unnamed official. The deal, which will be finalized this month, is part of Turkey's strategy to diversify its LNG sources and establish itself as a regional gas hub.

Related Stock List(s): LNG Stocks

Turkey's first nuclear power plant is facing delays due to Germany's Siemens Energy withholding key parts needed for its construction by Russia's Rosatom. Turkey's Energy Minister Alparslan Bayraktar reported that while Rosatom is sourcing alternative parts from China, the delay in receiving the Siemens parts will push back the launch of the first reactor by a few months.

Farmland LP has announced an investment from Microsoft’s Climate Innovation Fund into its third fund, Vital Farmland III LLC, aimed at supporting regenerative agriculture. The fund is raising $250 million in total. The investment will help Farmland LP develop Soil Carbon Credits from its 18,500-acre portfolio and expand the market for these credits. Microsoft’s backing validates Farmland LP’s approach and will facilitate the acquisition of additional properties and enhancement of both economic and environmental returns.
Energy Impact Partners (EIP) has successfully raised $1 billion for its third flagship fund, targeting ready-to-scale climate solutions. This new fund, which follows a similar-sized raise for Fund II in November 2021, has garnered support from over 60 strategic investors and collaborators, including major utilities and corporations like Xcel Energy, Entergy, GE, and Microsoft.

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