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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>Renewable energy surpassed coal as the world’s top electricity source in 1H25, with renewables supplying 34.3% of global electricity versus 33.1% for coal.</li><li>This milestone was driven by rapid expansion in China and India.</li><li>Meanwhile, in the US, renewable capacity is projected to more than double by 2033, supported by strong policies.</li><li>The US EV market faces a short-term slowdown due to subsidy expiration but remains on track long term.</li></ul>

Renewable energy surpassed coal as the world’s top electricity source in 1H25, with renewables supplying 34.3% of global electricity versus 33.1% for coal.This milestone was driven by rapid expansion in China and India.Meanwhile, in the US, renewable capacity is projected to more than double by 2033, supported by strong policies.The US EV market faces a short-term slowdown due to subsidy expiration but remains on track long term.

Sustainable Investing Surveyor Focus on Montana Renewables (Calumet [CLMT]) - October 13, 2025

<ul><li>On the latest WTR Small-Cap Spotlight, we were joined by Bruce Fleming, Chief Executive Officer of Montana Renewables and our host, Tim Gerdeman, WTR’s Vice- Chair &amp; Co-Founder, and Chief Marketing Officer.</li><li>Montana Renewables (MR) is an unrestricted subsidiary (private JV) of Calumet (NASDAQ: CLMT) and the first large-scale sustainable aviation fuel (SAF) producer in the US.</li><li><p>Fleming described MR as Montana’s largest agricultural investment. </p></li></ul>

On the latest WTR Small-Cap Spotlight, we were joined by Bruce Fleming, Chief Executive Officer of Montana Renewables and our host, Tim Gerdeman, WTR’s Vice- Chair &amp; Co-Founder, and Chief Marketing Officer.Montana Renewables (MR) is an unrestricted subsidiary (private JV) of Calumet (NASDAQ: CLMT) and the first large-scale sustainable aviation fuel (SAF) producer in the US.Fleming described MR as Montana’s largest agricultural investment. 

(CLMT) Montana Renewables CEO on First-Mover Advantages and Coming SAF Supply Squeeze

<ul><li>The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).</li><li>Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.</li><li>Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC</li></ul>

The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC

Sustainable Investing Surveyor Focus on Calumet (CLMT)

Thematic (Sector/Industry)

<ul><li>The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for decarbonizing the aviation industry.</li><li>Recent news that Airbus has delayed its hydrogen-powered aircraft initiative by up to a decade (Wall Street Journal) provides evidence that at least one leading alternative to SAF is losing ground.</li><li>Airbus has not changed its commitment to producing all aircraft capable of flying with up to 100% SAF by 2030. </li></ul>

The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for decarbonizing the aviation industry.Recent news that Airbus has delayed its hydrogen-powered aircraft initiative by up to a decade (Wall Street Journal) provides evidence that at least one leading alternative to SAF is losing ground.Airbus has not changed its commitment to producing all aircraft capable of flying with up to 100% SAF by 2030. 

Airbus Hydrogen Delay Broadens the Runway for Sustainable Aviation Fuel (SAF)

<ul><li>Will carbon capture &amp; storage (CCS) enable a boom in low- carbon ethanol and sustainable aviation fuel (SAF)?</li><li>CCS involves capturing CO2 emissions, purifying, transporting, and permanently storing in geological formations underground.</li><li>Low- carbon ethanol and SAF offer among the most compelling opportunities for CCS and are worth attention as (1) ethanol carbon capture is among the lowest-cost CCS applications,</li></ul>

Will carbon capture &amp; storage (CCS) enable a boom in low- carbon ethanol and sustainable aviation fuel (SAF)?CCS involves capturing CO2 emissions, purifying, transporting, and permanently storing in geological formations underground.Low- carbon ethanol and SAF offer among the most compelling opportunities for CCS and are worth attention as (1) ethanol carbon capture is among the lowest-cost CCS applications,

WTR Ethanol-Carbon Capture & Storage Primer

United States

Calumet Specialty Products Partners, L.P. produces specialty hydrocarbon products for domestic and international customers.  The Company processes crude oil into a variety of customized lubricating oils, solvents, and waxes.  Calumet also processes crude oil into a variety of fuel and fuel-related products, including unleaded gasoline, diesel fuel, and jet fuel.

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Calumet Specialty Products Par (CLMT US)

Sustainable Investing Surveyor Focus on Montana Renewables (Calumet [CLMT]) - October 13, 2025

Renewable energy surpassed coal as the world’s top electricity source in 1H25, with renewables supplying 34.3% of global electricity versus 33.1%...

Water Tower Research

(CLMT) Montana Renewables CEO on First-Mover Advantages and Coming SAF Supply Squeeze

Montana Renewables (MR) is an unrestricted subsidiary (private JV) of Calumet (NASDAQ: CLMT) and the first large-scale sustainable aviation fuel...

Water Tower Research

Sustainable Investing Surveyor Focus on Calumet (CLMT)

The WTR Sustainable Index was down 3.1% W/W versus the S&P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down...

Water Tower Research

Airbus Hydrogen Delay Broadens the Runway for Sustainable Aviation Fuel (SAF)

The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for...

Water Tower Research

WTR Ethanol-Carbon Capture & Storage Primer

CCS involves capturing CO2 emissions, purifying, transporting, and permanently storing in geological formations underground.

Water Tower Research

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