Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

Calumet Specialty Products Par / Equity Bottom-Up

<ul><li>Renewable energy surpassed coal as the world’s top electricity source in 1H25, with renewables supplying 34.3% of global electricity versus 33.1% for coal.</li><li>This milestone was driven by rapid expansion in China and India.</li><li>Meanwhile, in the US, renewable capacity is projected to more than double by 2033, supported by strong policies.</li><li>The US EV market faces a short-term slowdown due to subsidy expiration but remains on track long term.</li></ul>

Renewable energy surpassed coal as the world’s top electricity source in 1H25, with renewables supplying 34.3% of global electricity versus 33.1% for coal.This milestone was driven by rapid expansion in China and India.Meanwhile, in the US, renewable capacity is projected to more than double by 2033, supported by strong policies.The US EV market faces a short-term slowdown due to subsidy expiration but remains on track long term.

Sustainable Investing Surveyor Focus on Montana Renewables (Calumet [CLMT]) - October 13, 2025