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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.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was down by 0.4% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).</li><li>Energy Technology (13.2% of the index) was down by 3.8%, while Industrial Climate and Ag Technology (50.5% of the index) was up 1.1%, ClimateTech Mining was down 1.6%, and Advanced Transportation Solutions was down 1.8%.</li><li>Top 10 Performers: VIEW, CPTN, LILM, ALTA, SPI, FE, WBX, PEV, EGT, CMC</li></ul>

The WTR Sustainable Index was down by 0.4% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).Energy Technology (13.2% of the index) was down by 3.8%, while Industrial Climate and Ag Technology (50.5% of the index) was up 1.1%, ClimateTech Mining was down 1.6%, and Advanced Transportation Solutions was down 1.8%.Top 10 Performers: VIEW, CPTN, LILM, ALTA, SPI, FE, WBX, PEV, EGT, CMC

Weekly Sustainable Investing Surveyor - Week Ended December 8, 2023

<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: HTOO, FLNC, HLGN, PLUG, REX, OPTT, STEM, RUN, MVST, AMRS</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>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

<ul><li>The WTR Sustainable Index was down by 2.9% W/W versus the S&amp;P 500 Index (up 1.3%), the Russell 2000 Index (down 3.1%), and the Nasdaq Index (up 2.8%).</li><li>Energy Technology (12.2% of the index) was down by 12.1%, while Industrial Climate and Ag Technology (50.4% of the index) was up 0.5%, ClimateTech Mining was down 8.9%, and Advanced Transportation Solutions was down 3.8%.</li><li>Top 10 Performers: PGTK, BLDE, XOS, REE, CECE, LBNK, FL, INVZ, FE, BLNK</li></ul>

The WTR Sustainable Index was down by 2.9% W/W versus the S&amp;P 500 Index (up 1.3%), the Russell 2000 Index (down 3.1%), and the Nasdaq Index (up 2.8%).Energy Technology (12.2% of the index) was down by 12.1%, while Industrial Climate and Ag Technology (50.4% of the index) was up 0.5%, ClimateTech Mining was down 8.9%, and Advanced Transportation Solutions was down 3.8%.Top 10 Performers: PGTK, BLDE, XOS, REE, CECE, LBNK, FL, INVZ, FE, BLNK

Weekly Sustainable Investing Surveyor - Week Ended November 10, 2023

<ul><li>The WTR Sustainable Index fell by 0.5% W/W versus the S&amp;P 500 Index (down 2.5%), the Russell 2000 Index (down 2.6%), and the Nasdaq Index (down 2.6%).</li><li>Energy Technology (12.9% of the index) was down by 4.8%, while Industrial Climate and Ag Technology (48.9% of the index) was down 1.8%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was up 4.2%.</li><li>Top 10 Performers: NVVE, AZRE, GCEI, NEP, RE, ALTA, FIX, MULN, RIDE, CGRN</li></ul>

The WTR Sustainable Index fell by 0.5% W/W versus the S&amp;P 500 Index (down 2.5%), the Russell 2000 Index (down 2.6%), and the Nasdaq Index (down 2.6%).Energy Technology (12.9% of the index) was down by 4.8%, while Industrial Climate and Ag Technology (48.9% of the index) was down 1.8%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was up 4.2%.Top 10 Performers: NVVE, AZRE, GCEI, NEP, RE, ALTA, FIX, MULN, RIDE, CGRN

Weekly Sustainable Investing Surveyor - Week Ended October 27, 2023

United States

The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The index was developed with a base value of 135.00 as of December 31, 1986.

Russell 2000 Index (RTY INDEX)

Weekly Sustainable Investing Surveyor - Week Ended December 8, 2023

The WTR Sustainable Index was down by 0.4% W/W versus the S&P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).

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 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

Weekly Sustainable Investing Surveyor - Week Ended November 10, 2023

The WTR Sustainable Index was down by 2.9% W/W versus the S&P 500 Index (up 1.3%), the Russell 2000 Index (down 3.1%), and the Nasdaq Index (up 2.8%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended October 27, 2023

The WTR Sustainable Index fell by 0.5% W/W versus the S&P 500 Index (down 2.5%), the Russell 2000 Index (down 2.6%), and the Nasdaq Index (down 2.6%).

Water Tower Research