Research from Water Tower Research, Water Tower Research

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.

Equity Research Firm

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.3% W/W versus the S&amp;P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).</li><li>Energy Technology (13.0% of the index) was up 0.3%, while Industrial Climate and Ag Technology (45.7% of the index) was down 0.2%, ClimateTech Mining was down 0.5%, and Advanced Transportation Solutions (22.0% of the index) was down 0.6%.</li><li>Top 10 Performers: VVPR, LITM, LAZR, AEVA, FHYD, EGT, WUC, <span style="font-size: var(--content-font-size);">NIU, SOL, AZRE</span></li></ul>

The WTR Sustainable Index was down 0.3% W/W versus the S&amp;P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).Energy Technology (13.0% of the index) was up 0.3%, while Industrial Climate and Ag Technology (45.7% of the index) was down 0.2%, ClimateTech Mining was down 0.5%, and Advanced Transportation Solutions (22.0% of the index) was down 0.6%.Top 10 Performers: VVPR, LITM, LAZR, AEVA, FHYD, EGT, WUC, NIU, SOL, AZRE

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

Thematic (Sector/Industry)

<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

<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 Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).</li><li>Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

United States

Clean Energy Fuels Corporation designs, builds, finances and operates natural gas filling stations for vehicle fleets.  The Company also helps its customers acquire and finance natural gas vehicles and obtain local, state, and federal clean air rebates and incentives.

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Clean Energy Fuels (CLNE US)

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

The WTR Sustainable Index was down 0.3% W/W versus the S&P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).

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

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

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&P 500 Index...

Water Tower Research

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