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>US-assembled solar module prices held at $0.30/W in Q2 2026 amid FEOC enforcement that forced Chinese divestitures and a new petition against South Korean imports, while global component sourcing remain dominant.</li><li>Michigan regained $51 million in NEVI funds to add 60 highway charging sites, but needs about 100,000 chargers by 2030 to meet EV targets as consumer demand softens.</li><li>Illinois approved a thermostat-based virtual power plant to shave peak load. USGS found ~2.5 million tons of Appalachian lithium—strategic but technically and environmentally challenging to develop.</li></ul>

US-assembled solar module prices held at $0.30/W in Q2 2026 amid FEOC enforcement that forced Chinese divestitures and a new petition against South Korean imports, while global component sourcing remain dominant.Michigan regained $51 million in NEVI funds to add 60 highway charging sites, but needs about 100,000 chargers by 2030 to meet EV targets as consumer demand softens.Illinois approved a thermostat-based virtual power plant to shave peak load. USGS found ~2.5 million tons of Appalachian lithium—strategic but technically and environmentally challenging to develop.

Sustainable Investing Surveyor : Focus on Verde Clean Fuels

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was up 3.4% W/W versus the S&amp;P 500 Index (up 5.7%), the Russell 2000 Index (up 1.8%) and the Nasdaq Index (up 7.4%).</li><li>Energy Technology (12.6% of the index) was up 1.6%, while Industrial Climate and Ag Technology (45.7% of the index) was up 5.0%, ClimateTech Mining was up 1.1%, and Advanced Transportation Solutions (21.5% of the index) was up 3.3%.</li><li>Top 10 Performers: ALTA, FGPHF, AVL, VGAS, VIHD, LNZA, FHYD, OPTT, GWTI, LIDR</li></ul>

The WTR Sustainable Index was up 3.4% W/W versus the S&amp;P 500 Index (up 5.7%), the Russell 2000 Index (up 1.8%) and the Nasdaq Index (up 7.4%).Energy Technology (12.6% of the index) was up 1.6%, while Industrial Climate and Ag Technology (45.7% of the index) was up 5.0%, ClimateTech Mining was up 1.1%, and Advanced Transportation Solutions (21.5% of the index) was up 3.3%.Top 10 Performers: ALTA, FGPHF, AVL, VGAS, VIHD, LNZA, FHYD, OPTT, GWTI, LIDR

Sustainable Investing Surveyor Focus on Blue Biofuels (BIOF): Breaks Ground in Florida

<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>The WTR Sustainable Index fell by 5.7% W/W versus the S&amp;P 500 Index (down 2.4%), the Russell 2000 Index (down 2.3%), and the Nasdaq Index (down 2.9%).</li><li>Energy Technology (13.5% of the index) was down by 7.9%, while Industrial Climate and Ag Technology (49.5% of the index) was down 3.4%, ClimateTech Mining was down 5.2%, and Advanced Transportation Solutions was down 8.6%.</li><li>Top 10 Performers: NXH, NMG, WWR, NGPHF, ELBM, VIHD, MGPHF, GRB, TGEN, VGAS</li></ul>

The WTR Sustainable Index fell by 5.7% W/W versus the S&amp;P 500 Index (down 2.4%), the Russell 2000 Index (down 2.3%), and the Nasdaq Index (down 2.9%).Energy Technology (13.5% of the index) was down by 7.9%, while Industrial Climate and Ag Technology (49.5% of the index) was down 3.4%, ClimateTech Mining was down 5.2%, and Advanced Transportation Solutions was down 8.6%.Top 10 Performers: NXH, NMG, WWR, NGPHF, ELBM, VIHD, MGPHF, GRB, TGEN, VGAS

Weekly Sustainable Investing Surveyor -  Week Ended October 20, 2023

<ul><li>The WTR Sustainable Index was up 0.6% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).</li><li>Energy Technology (13.2% of the index) was down 1.6%, while Industrial Climate and Ag Technology (46.3% of the index) was up 0.5%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (21.2% of index) was up 2.0%.</li><li><p>Top 10 Performers: PEV, EVGO, NXH, EAF, CRE, AZRE, SPI, BNET, GIGA, PLL</p><p></p></li></ul>

The WTR Sustainable Index was up 0.6% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).Energy Technology (13.2% of the index) was down 1.6%, while Industrial Climate and Ag Technology (46.3% of the index) was up 0.5%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (21.2% of index) was up 2.0%.Top 10 Performers: PEV, EVGO, NXH, EAF, CRE, AZRE, SPI, BNET, GIGA, PLL

Sustainable Investing Surveyor -  Focus on Verde Clean Fuels, Inc. (VGAS)

United States

Verde Clean Fuels, Inc. operates as a renewable energy company. The Company specializes in the conversion of synthesis gas, derived from diverse feedstocks, such as biomass, municipal solid waste, and mixed plastics, as well as natural gas and other feedstocks, into gasoline through an innovative and proprietary liquid fuels technology.

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Verde Clean Fuels (VGAS US)

Sustainable Investing Surveyor : Focus on Verde Clean Fuels

US-assembled solar module prices held at $0.30/W in Q2 2026 amid FEOC enforcement that forced Chinese divestitures and a new petition against South...

Water Tower Research

Sustainable Investing Surveyor Focus on Blue Biofuels (BIOF): Breaks Ground in Florida

The WTR Sustainable Index was up 3.4% W/W versus the S&P 500 Index (up 5.7%), the Russell 2000 Index (up 1.8%) and the Nasdaq Index (up 7.4%).

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

Weekly Sustainable Investing Surveyor - Week Ended October 20, 2023

The WTR Sustainable Index fell by 5.7% W/W versus the S&P 500 Index (down 2.4%), the Russell 2000 Index (down 2.3%), and the Nasdaq Index (down 2.9%).

Water Tower Research

Sustainable Investing Surveyor - Focus on Verde Clean Fuels, Inc. (VGAS)

The WTR Sustainable Index was up 0.6% W/W versus the S&P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).

Water Tower Research

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