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

<div><ul><li>Cooper demonstrated a platform that sells far more than jet fuel. </li><li>The DevStream acquisition lets XCF tokenize and sell SAF’s environmental attributes directly to corporations—decoupling demand from airlines entirely.</li><li>Paired with a 100% tolled feedstock and offtake arrangement through BGN, it’s a capital-light platform with an expanding addressable market.</li></ul></div>

Cooper demonstrated a platform that sells far more than jet fuel. The DevStream acquisition lets XCF tokenize and sell SAF’s environmental attributes directly to corporations—decoupling demand from airlines entirely.Paired with a 100% tolled feedstock and offtake arrangement through BGN, it’s a capital-light platform with an expanding addressable market.

SAFX: Circular Economy (SAF) Symposium Series Recap with CEO Chris Cooper

Thematic (Sector/Industry)

<div><ul><li>The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. </li><li>Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.</li><li>In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.</li></ul></div>

The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

<ul><li>US clean and climate tech entered 2026 with mixed momentum.</li><li>Energy storage was the standout winner of 2025, supported by preserved tax credits, rising power demand from data centers, and rapid deployment across grid and behind-the-meter uses, with 204 GW of new capacity projected.</li><li>Wind and solar hit record output but remain off track for 2030 targets due to grid and permitting constraints.</li></ul>

US clean and climate tech entered 2026 with mixed momentum.Energy storage was the standout winner of 2025, supported by preserved tax credits, rising power demand from data centers, and rapid deployment across grid and behind-the-meter uses, with 204 GW of new capacity projected.Wind and solar hit record output but remain off track for 2030 targets due to grid and permitting constraints.

Sustainable Investing Surveyor : Focus on XCF Global (SAFX) - January 5, 2026

<ul><li>Cooper brings a rich background in aviation and energy. </li><li>Initially drawn to piloting, Cooper moved to the business side of aviation with leadership roles at Chevron, Phillips 66, and Neste, and across aviation fuel distribution, production, and the launch of sustainable aviation fuel (SAF) operations.</li><li>Now at XCF, Cooper is leading a global growth initiative in the US and overseas.</li></ul>

Cooper brings a rich background in aviation and energy. Initially drawn to piloting, Cooper moved to the business side of aviation with leadership roles at Chevron, Phillips 66, and Neste, and across aviation fuel distribution, production, and the launch of sustainable aviation fuel (SAF) operations.Now at XCF, Cooper is leading a global growth initiative in the US and overseas.

<div><ul><li>The US Energy Department signaled that the first five to 10 new nuclear reactors are likely to receive federal loans, reinforcing plans for 10 large reactors to start construction by 2030.</li><li>New data showed EV fastcharging networks are stabilizing, with higher reliability, balanced utilization, and prices holding near $0.53/kWh.</li><li>The DOE confirmed continued support for major carbonremoval hubs and reported that Graphite One’s Alaska graphite project remains on track for a September 2026 permitting decision, bolstering the domestic batterymineral supply chain</li></ul></div>

The US Energy Department signaled that the first five to 10 new nuclear reactors are likely to receive federal loans, reinforcing plans for 10 large reactors to start construction by 2030.New data showed EV fastcharging networks are stabilizing, with higher reliability, balanced utilization, and prices holding near $0.53/kWh.The DOE confirmed continued support for major carbonremoval hubs and reported that Graphite One’s Alaska graphite project remains on track for a September 2026 permitting decision, bolstering the domestic batterymineral supply chain

Sustainable Investing Surveyor : Focus on SAF Leaders - AGIG, CLMT, LODE, and SAFX

United States

XCF Global, Inc. operates as an aviation fuel company. The Company produces sustainable aviation fuel derived from non-food feed-stocks such as waste oils and fats, green and municipal waste, and non-food crops. XCF Global serves customers worldwide.

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XCF Global (SAFX US)

SAFX: Circular Economy (SAF) Symposium Series Recap with CEO Chris Cooper

The DevStream acquisition lets XCF tokenize and sell SAF’s environmental attributes directly to corporations—decoupling demand from airlines entirely.

Water Tower Research

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance...

Water Tower Research

Sustainable Investing Surveyor : Focus on XCF Global (SAFX) - January 5, 2026

US clean and climate tech entered 2026 with mixed momentum. Energy storage was the standout winner of 2025, supported by preserved tax credits,...

Water Tower Research

SAFX: WTR Small-Cap Spotlight Recap

Initially drawn to piloting, Cooper moved to the business side of aviation with leadership roles at Chevron, Phillips 66, and Neste, and...

Water Tower Research

Sustainable Investing Surveyor : Focus on SAF Leaders - AGIG, CLMT, LODE, and SAFX

The US Energy Department signaled that the first five to 10 new nuclear reactors are likely to receive federal loans, reinforcing plans for 10...

Water Tower Research

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