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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap Spotlight.</li><li>We were joined by senior management of four leading companies operating in farm-to-fuel and waste-to-fuel supply chains.</li><li>Our guests represented the following leading-edge companies: Continuum Ag (CEO Mitchell Hora), Gevo (VP Corporate Development Eric Frey), LanzaTech (CEO Dr. Jennifer Holmgren), and Synata Bio (CEO Tim Cesarek). </li></ul>

We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap Spotlight.We were joined by senior management of four leading companies operating in farm-to-fuel and waste-to-fuel supply chains.Our guests represented the following leading-edge companies: Continuum Ag (CEO Mitchell Hora), Gevo (VP Corporate Development Eric Frey), LanzaTech (CEO Dr. Jennifer Holmgren), and Synata Bio (CEO Tim Cesarek). 

Sustainable Aviation Fuel (SAF) And Low- Carbon Ethanol "Ready for Takeoff"

<ul><li>Despite the US biofuels industry facing challenges in 2024, including oversupplied renewable credit markets, lower-than- expected voluntary demand, election uncertainty, and a drop in profits, the industry made progress in many areas, including the advancement of sustainable aviation fuel (SAF) projects and hubs.</li><li>We highlight five biofuel trends that will continue to have an impact in 2025.</li><li>In 2024, the lack of guidance from the US Treasury Department on the 45Z clean fuel tax credit continued to be a key source of concern among biofuels producers, SAF project developers, and farmers.</li></ul>

Despite the US biofuels industry facing challenges in 2024, including oversupplied renewable credit markets, lower-than- expected voluntary demand, election uncertainty, and a drop in profits, the industry made progress in many areas, including the advancement of sustainable aviation fuel (SAF) projects and hubs.We highlight five biofuel trends that will continue to have an impact in 2025.In 2024, the lack of guidance from the US Treasury Department on the 45Z clean fuel tax credit continued to be a key source of concern among biofuels producers, SAF project developers, and farmers.

US Biofuels Outlook - Five Trends to Watch in 2025

<ul><li>WTR attended the North American SAF Conference in St. Paul, Minnesota, which included close to 500 participants from government agencies, industry associations, and companies along the entire SAF supply chain, as well as financial and legal service providers.</li><li>For background, see WTR’s report, Biofuels Focus: Is Alcohol-to-Jet Fuel SAF Clearing for Take-Off In the US?.</li><li>SAF capacity proposed in the US is already massive. </li></ul>

WTR attended the North American SAF Conference in St. Paul, Minnesota, which included close to 500 participants from government agencies, industry associations, and companies along the entire SAF supply chain, as well as financial and legal service providers.For background, see WTR’s report, Biofuels Focus: Is Alcohol-to-Jet Fuel SAF Clearing for Take-Off In the US?.SAF capacity proposed in the US is already massive. 

Key Takeaways: The North American Sustainable Aviation Fuel (SAF) Conference

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).</li><li>Energy Technology (13.9% of the index) was up 4.2%, while Industrial Climate and Ag Technology (46.1% of the index) was up 3.3%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (20.5% of index) was up 5.3%.</li><li>Top 10 Performers: SUNW, MAXN, ELBM, REVV, EVTV, FFIE, LCID, STEM, NOVA, LNZA</li></ul>

The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).Energy Technology (13.9% of the index) was up 4.2%, while Industrial Climate and Ag Technology (46.1% of the index) was up 3.3%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (20.5% of index) was up 5.3%.Top 10 Performers: SUNW, MAXN, ELBM, REVV, EVTV, FFIE, LCID, STEM, NOVA, LNZA

Sustainable Investing Surveyor - Focus on Aemetis, Inc. (AMTX)

<ul><li>The WTR Sustainable Index was down by 1.1% W/W versus the S&amp;P 500 Index (up 2.3%), the Russell 2000 Index (up 1.6%), and the Nasdaq Index (up 3.0%).</li><li>Energy Technology (12.5% of the index) was up by 1.5%, while Industrial Climate and Ag Technology (55.5% of the index) was up by 1.4%, ClimateTech Mining was down 3.0% and Advanced Transportation Solutions (24.2% of index) was down 8.1%.</li><li>Top 10 Performers: GOEV, AMTX, ZEV, LICY, LIDR, EVTV, FFIE, <span style="font-size: var(--content-font-size);">KULR, MVST, NEOV</span></li></ul>

The WTR Sustainable Index was down by 1.1% W/W versus the S&amp;P 500 Index (up 2.3%), the Russell 2000 Index (up 1.6%), and the Nasdaq Index (up 3.0%).Energy Technology (12.5% of the index) was up by 1.5%, while Industrial Climate and Ag Technology (55.5% of the index) was up by 1.4%, ClimateTech Mining was down 3.0% and Advanced Transportation Solutions (24.2% of index) was down 8.1%.Top 10 Performers: GOEV, AMTX, ZEV, LICY, LIDR, EVTV, FFIE, KULR, MVST, NEOV

Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024

United States

Aemetis, Inc. is a biotechnology company. The Company has engineered bacterium capable of converting whole plant materials into sugars that can then be used to make a range of commercially products in the biochemical and biofuels industries.

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Aemetis (AMTX US)

Sustainable Aviation Fuel (SAF) And Low- Carbon Ethanol "Ready for Takeoff"

We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap...

Water Tower Research

US Biofuels Outlook - Five Trends to Watch in 2025

In 2024, the lack of guidance from the US Treasury Department on the 45Z clean fuel tax credit continued to be a key source of concern among...

Water Tower Research

Key Takeaways: The North American Sustainable Aviation Fuel (SAF) Conference

The Commercial Aviation Alternative Fuels Initiative (CAAFI) said at least 200 entities have approached the association with SAF projects.

Water Tower Research

Sustainable Investing Surveyor - Focus on Aemetis, Inc. (AMTX)

The WTR Sustainable Index was up 3.5% W/W versus the S&P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).

Water Tower Research

Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024

The WTR Sustainable Index was down by 1.1% W/W versus the S&P 500 Index (up 2.3%), the Russell 2000 Index (up 1.6%), and the Nasdaq Index (up 3.0%).

Water Tower Research

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