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

Flexible Solutions Internation / Equity Bottom-Up

<ul><li>Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).</li><li>Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.</li><li>Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF</li></ul>

Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

<ul><li>The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).</li><li>Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.</li><li>Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET</li></ul>

The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was up by 1.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.3%).</li><li>Energy Technology (13.9% of the index) was up by 5.1%, while Industrial Climate and Ag Technology (54.5% of the index) was up 1.1%, ClimateTech Mining was down 5.4%, and Advanced Transportation Solutions was up 0.1%.</li><li>Top 10 Performers: EVTV, PLUG, JEV, NXT, VIEW, PGTK, LCID, NAAS, ANRG, ELBM</li></ul>

The WTR Sustainable Index was up by 1.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.3%).Energy Technology (13.9% of the index) was up by 5.1%, while Industrial Climate and Ag Technology (54.5% of the index) was up 1.1%, ClimateTech Mining was down 5.4%, and Advanced Transportation Solutions was up 0.1%.Top 10 Performers: EVTV, PLUG, JEV, NXT, VIEW, PGTK, LCID, NAAS, ANRG, ELBM

Weekly Sustainable Investing Surveyor - Week Ended February 2, 2024

<ul><li>The WTR Sustainable Index was up by 0.9% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).</li><li>Energy Technology (13.7% of the index) was up by 11.3%, while Industrial Climate and Ag Technology (49.8% of the index) was up 1.7%, ClimateTech Mining was down 2.7%, and Advanced Transportation Solutions was down 4.2%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: HTOO, FLNC, HLGN, PLUG, REX, OPTT, STEM, RUN, MVST, AMRS</span></li></ul>

The WTR Sustainable Index was up by 0.9% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).Energy Technology (13.7% of the index) was up by 11.3%, while Industrial Climate and Ag Technology (49.8% of the index) was up 1.7%, ClimateTech Mining was down 2.7%, and Advanced Transportation Solutions was down 4.2%.Top 10 Performers: HTOO, FLNC, HLGN, PLUG, REX, OPTT, STEM, RUN, MVST, AMRS

Industry Report - Climatetech & Sustainable Investing

<ul>
<li>WTR Sustainable Index: During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (down 2.7%), and the Nasdaq Composite Index (down 1.1%).</li>
<li>Advanced Transportation Solutions (70.0% of the index) contributed to the index underperformance, falling 10.4%, while Industrial Climate and Ag Technology (22.3% of the index) was down 4.5% and Energy Technology was down 8.9%.</li>
<li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.6x versus 18.8x for the S&amp;P 500.</li>
</ul>


WTR Sustainable Index: During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (down 2.7%), and the Nasdaq Composite Index (down 1.1%).
Advanced Transportation Solutions (70.0% of the index) contributed to the index underperformance, falling 10.4%, while Industrial Climate and Ag Technology (22.3% of the index) was down 4.5% and Energy Technology was down 8.9%.
Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.6x versus 18.8x for the S&amp;P 500.


Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

ast week, the WTR Sustainable Index was up 10.3% W/W versus the S&P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up...

Water Tower Research

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

The WTR Sustainable Index was down 0.2% W/W versus the S&P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended February 2, 2024

The WTR Sustainable Index was up by 1.0% W/W versus the S&P 500 Index (up 1.4%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.3%).

Water Tower Research

Industry Report - Climatetech & Sustainable Investing

The WTR Sustainable Index was up by 0.9% W/W versus the S&P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023

During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&P 500 Index (down...

Water Tower Research

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