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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>The WTR Sustainable Index was down 4.5% W/W versus the S&amp;P 500 Index (down 2.1%), the cex (down 4.0%) and the Nasdaq Index (up 5.7%).</li><li>Energy Technology (13.5% of the index) was down 1.6%, while Industrial Climate and Ag Technology (48.3% of the index) was down 3.8%, ClimateTech Mining was down 3.4%, and Advanced Transportation Solutions (20.6% of index) was down 5.5%.</li><li>Top 10 Performers: GRB, BE, WKHS, MULN, LILM, HLGN, FGPHF, <span style="font-size: var(--content-font-size);">AMPS, NEOV, NOVA</span></li></ul>

The WTR Sustainable Index was down 4.5% W/W versus the S&amp;P 500 Index (down 2.1%), the cex (down 4.0%) and the Nasdaq Index (up 5.7%).Energy Technology (13.5% of the index) was down 1.6%, while Industrial Climate and Ag Technology (48.3% of the index) was down 3.8%, ClimateTech Mining was down 3.4%, and Advanced Transportation Solutions (20.6% of index) was down 5.5%.Top 10 Performers: GRB, BE, WKHS, MULN, LILM, HLGN, FGPHF, AMPS, NEOV, NOVA

Sustainable Investing Surveyor Focus on REX American Resources Corp. (REX)

Equity Bottom-Up

<ul><li>The US energy transition accelerated in 2Q26 across storage, transport, and critical minerals. </li><li>A record 20.2 GWh of energy storage was installed, led by utility-scale projects and Arizona’s 6.2 GWh surge, prompting SEIA/Benchmark to raise 2030 forecasts to 683 GWh cumulative.</li><li>In EV charging, new data shows multi-connector, ~100 kW sites achieve higher utilization and revenue than ultra-high-power, low-plug stations.</li></ul>

The US energy transition accelerated in 2Q26 across storage, transport, and critical minerals. A record 20.2 GWh of energy storage was installed, led by utility-scale projects and Arizona’s 6.2 GWh surge, prompting SEIA/Benchmark to raise 2030 forecasts to 683 GWh cumulative.In EV charging, new data shows multi-connector, ~100 kW sites achieve higher utilization and revenue than ultra-high-power, low-plug stations.

Sustainable Investing Surveyor : Focus on Clean Energy Fuels Corp. (CLNE)

<ul><li>WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).</li><li>Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

<ul><li>WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).</li><li>Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

United States

Bloom Energy Corporation manufactures power generation equipment. The Company offers on-site power generation systems that utilizes fuel cell technology to generate electricity. Bloom Energy serves banking, health care, data centers, media and communication, food and beverage, logistics, technology, and utilities industries in the United States.

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Bloom Energy Corp (BE US)

Sustainable Investing Surveyor Focus on REX American Resources Corp. (REX)

The WTR Sustainable Index was down 4.5% W/W versus the S&P 500 Index (down 2.1%), the Russell 2000 Index (down 4.0%) and the Nasdaq Index (up 5.7%).

Water Tower Research

Sustainable Investing Surveyor : Focus on Clean Energy Fuels Corp. (CLNE)

A record 20.2 GWh of energy storage was installed, led by utility-scale projects and Arizona’s 6.2 GWh surge, prompting SEIA/Benchmark to raise...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&P 500 Index (up 2.5%)

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&P 500 Index (down...

Water Tower Research

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