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

Thematic (Sector/Industry)

<ul><li>Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index (down 0.9%).</li><li>Energy Technology (41% of the index) was up 3.8%, while Transportation Solutions (33% of the index) was up 3.7%, Climate Tech and Clean Tech (19% of the index) was up 1.0%, and Climate Tech Mining and Processing (7% of the index) was down 1.5%.</li><li>Top 10 Performers: GRNWF, NKLA, AKCCF, AVLNF, ADN, EVTV, NIO, DUTV, WAST, EFOI</li></ul>

Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index (down 0.9%).Energy Technology (41% of the index) was up 3.8%, while Transportation Solutions (33% of the index) was up 3.7%, Climate Tech and Clean Tech (19% of the index) was up 1.0%, and Climate Tech Mining and Processing (7% of the index) was down 1.5%.Top 10 Performers: GRNWF, NKLA, AKCCF, AVLNF, ADN, EVTV, NIO, DUTV, WAST, EFOI

Sustainable Investing Surveyor Focus on Westport Fuel - August 25, 2025

<ul><li>The WTR Sustainable Index was up 2.7% W/W versus the S&amp;P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).</li><li>Energy Technology (13.1% of the index) was up 4.8%, while Industrial Climate and Ag Technology (48.2% of the index) was up 3.8%, ClimateTech Mining was up 1.4%, and Advanced Transportation Solutions (20.8% of the index) was up 2.7%.</li><li>Top 10 Performers: QS, HYSR, AEVA, EFOI, COMM, WAVE, FTEK, AYRO, ENVX, AMSC</li></ul>

The WTR Sustainable Index was up 2.7% W/W versus the S&amp;P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).Energy Technology (13.1% of the index) was up 4.8%, while Industrial Climate and Ag Technology (48.2% of the index) was up 3.8%, ClimateTech Mining was up 1.4%, and Advanced Transportation Solutions (20.8% of the index) was up 2.7%.Top 10 Performers: QS, HYSR, AEVA, EFOI, COMM, WAVE, FTEK, AYRO, ENVX, AMSC

Sustainable Investing Surveyor - Focus on AMRC

<ul><li>The WTR Sustainable Index was down by 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).</li><li>Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.</li><li>Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE</li></ul>

The WTR Sustainable Index was down by 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE

Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024

<ul><li>The WTR Sustainable Index was up by 0.5% W/W versus the S&amp;P 500 Index (up 1.0%), the Russell 2000 Index (up 0.5%), and the Nasdaq Index (up 0.9%).</li><li>Energy Technology (12.4% of the index) was down by 1.8%, while Industrial Climate and Ag Technology (49.4% of the index) was up 0.5%, ClimateTech Mining was down 1.9%, andAdvanced Transportation Solutions was up 1.3%.</li><li>Top 10 Performers: CLIR, NVLH, NXH, EFOI, IRBT, TMC, GCEI, PEV, PNPN, FTCI</li></ul>

The WTR Sustainable Index was up by 0.5% W/W versus the S&amp;P 500 Index (up 1.0%), the Russell 2000 Index (up 0.5%), and the Nasdaq Index (up 0.9%).Energy Technology (12.4% of the index) was down by 1.8%, while Industrial Climate and Ag Technology (49.4% of the index) was up 0.5%, ClimateTech Mining was down 1.9%, andAdvanced Transportation Solutions was up 1.3%.Top 10 Performers: CLIR, NVLH, NXH, EFOI, IRBT, TMC, GCEI, PEV, PNPN, FTCI

Weekly Sustainable Investing Surveyor - Week Ended November 24, 2023

Equity Bottom-Up

Bridger Aerospace Group Holdin / Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 1.3% W/W versus the S&amp;P 500 Index (down 1.7%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 2.3%).</li><li>Energy Technology (13.1% of the index) was down 2.2%, while Industrial Climate and Ag Technology (46.3% of the index) was down 1.8%, ClimateTech Mining was up 2.9%, and Advanced Transportation Solutions (21.7% of the index) was down 2.9%.</li><li>Top 10 Performers: SOLO, XOS, EFOI, AZRE, BNRG, KNDI, LOOP, GRB, EGT, CRE</li></ul>

The WTR Sustainable Index was down 1.3% W/W versus the S&amp;P 500 Index (down 1.7%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 2.3%).Energy Technology (13.1% of the index) was down 2.2%, while Industrial Climate and Ag Technology (46.3% of the index) was down 1.8%, ClimateTech Mining was up 2.9%, and Advanced Transportation Solutions (21.7% of the index) was down 2.9%.Top 10 Performers: SOLO, XOS, EFOI, AZRE, BNRG, KNDI, LOOP, GRB, EGT, CRE

Sustainable Investing Surveyor: Focus on Bridger Aerospace (BAER)

United States

Energy Focus Inc. designs, develops, manufactures, and markets energy-efficient fiber optic lighting systems.  The Company's products include illuminators, fiber tubing,   and fixture accessories.  Energy Focus sells its products in the commercial lighting, sign, swimming pool, and spa markets.

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Energy Focus (EFOI US)

Sustainable Investing Surveyor Focus on Westport Fuel - August 25, 2025

Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index...

Water Tower Research

Sustainable Investing Surveyor - Focus on AMRC

The WTR Sustainable Index was up 2.7% W/W versus the S&P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024

The WTR Sustainable Index was down by 0.5% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended November 24, 2023

The WTR Sustainable Index was up by 0.5% W/W versus the S&P 500 Index (up 1.0%), the Russell 2000 Index (up 0.5%), and the Nasdaq Index (up 0.9%).

Water Tower Research

Sustainable Investing Surveyor: Focus on Bridger Aerospace (BAER)

The WTR Sustainable Index was down 1.3% W/W versus the S&P 500 Index (down 1.7%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down...

Water Tower Research

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