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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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Thematic (Sector/Industry)

<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"

Equity Bottom-Up

<ul><li>EVP of Corporate Affairs Lindsay Fitzgerald and VP of Corporate Development Eric Frey joined us on the WTR Small-Cap Spotlight to discuss: (1) why the historical track record of bipartisan support of biofuels is likely to continue in DC,</li><li>(2) the tangible economic benefit to farmers for producing low- carbon crops for biofuel,</li><li>(3) the DOE loan process for Gevo’s Net- Zero 1 (NZ-1) sustainable aviation fuel (SAF) project</li></ul>

EVP of Corporate Affairs Lindsay Fitzgerald and VP of Corporate Development Eric Frey joined us on the WTR Small-Cap Spotlight to discuss: (1) why the historical track record of bipartisan support of biofuels is likely to continue in DC,(2) the tangible economic benefit to farmers for producing low- carbon crops for biofuel,(3) the DOE loan process for Gevo’s Net- Zero 1 (NZ-1) sustainable aviation fuel (SAF) project

Gevo, Inc. - WTR Small-Cap Spotlight - On the Ground in DC; Gevo Expects Bipartisan Support

<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>Gevo management was upbeat during the company’s 3Q24 analyst briefing.</li><li>This follows many major milestones reached during the quarter, including (1) Gevo receiving a US Department of Energy (DOE) conditional loan guarantee, with borrowing capacity of $1.6 billion for the company’s Net-Zero 1 (NZ-1) sustainable aviation fuel (SAF) project</li><li>(2) the planned $210- million Red Trail acquisition, including low-carbon ethanol and carbon capture and sequestration (CCS) assets</li></ul>

Gevo management was upbeat during the company’s 3Q24 analyst briefing.This follows many major milestones reached during the quarter, including (1) Gevo receiving a US Department of Energy (DOE) conditional loan guarantee, with borrowing capacity of $1.6 billion for the company’s Net-Zero 1 (NZ-1) sustainable aviation fuel (SAF) project(2) the planned $210- million Red Trail acquisition, including low-carbon ethanol and carbon capture and sequestration (CCS) assets

GEVO: 3Q24 Results - A Transformative Quarter

<ul><li>The WTR Sustainable Index was down 1.9% W/W versus the S&amp;P 500 Index (up 0.9%), the Russell 2000 Index (up 1.9%) and the Nasdaq Index (up 0.3%).</li><li>Energy Technology (13.2% of the index) was down 0.9%, while Industrial Climate and Ag Technology (48.4% of the index) was up 1.1%, ClimateTech Mining was down 5.8%, and Advanced Transportation Solutions (20.2% of index) was down 5.7%.</li><li>Top 10 Performers: LTBR, AZRE, GEVO, NXH, HTOO, NGPHF, SMR, NRGV, PEGY, FTCI</li></ul>

The WTR Sustainable Index was down 1.9% W/W versus the S&amp;P 500 Index (up 0.9%), the Russell 2000 Index (up 1.9%) and the Nasdaq Index (up 0.3%).Energy Technology (13.2% of the index) was down 0.9%, while Industrial Climate and Ag Technology (48.4% of the index) was up 1.1%, ClimateTech Mining was down 5.8%, and Advanced Transportation Solutions (20.2% of index) was down 5.7%.Top 10 Performers: LTBR, AZRE, GEVO, NXH, HTOO, NGPHF, SMR, NRGV, PEGY, FTCI

Sustainable Investing Surveyor - October 21, 2024

United States

Gevo Inc. operates as a technology development company for biobutanol. The Company offers products that enable the production of fuels for the diesel and jet markets, and the production of green chemicals derived from renewable resources.

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Gevo (GEVO 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

Gevo, Inc. - WTR Small-Cap Spotlight - On the Ground in DC; Gevo Expects Bipartisan Support

Fitzgerald is well positioned to discuss policy given her 20- year history and strong track record of working in biofuels policy in Washington

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

GEVO: 3Q24 Results - A Transformative Quarter

Gevo management was upbeat during the company’s 3Q24 analyst briefing. This follows many major milestones reached during the quarter

Water Tower Research

Sustainable Investing Surveyor - October 21, 2024

The WTR Sustainable Index was down 1.9% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 1.9%) and the Nasdaq Index (up 0.3%).

Water Tower Research

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