CLIMATETECH & SUSTAINABLE INVESTING

Our ClimateTech & Sustainable Investing research focus is guided by two key principles: Sustainability and Resiliency. We define sustainability by the ability of a product or service to lower the overall carbon footprint and/or reduce resource consumption. This can be driven by a variety of factors including renewable power generation, renewable fuels and chemicals, energy efficiency, resource management, emissions control, and the broader bioeconomy. We measure resiliency by the ability of the company’s business model and product to sustain long-term growth; is it flexible enough to adjust and navigate through a variety of external events; and will drive demand for the company’s product or service likely to perform above average through economic cycles, regulatory shifts, geopolitical volatility, and pandemics.

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Crown Electrokinetics Corp. (NASDAQ: CRKN)
2Q22 Results: Net Loss Decreased By $0.9 Million; First-Gen Product Delayed; Achieved a Key Milestone by Registering First Purchase Order
Update Note · 18 Aug 2022

• Operating expenses decreased by $0.9 million to $4.5 million, compared with $5.4 million in 2Q21, comprising $1.5 million of non-cash stock-based compensation, $1.5 million of payroll expense, $0.8 million in consulting and professional fees, and $0.6 million of operating overhead. Access compl...

CLIMATETECH & SUSTAINABLE INVESTING
SES AI Corp. (NYSE: SES)
2Q22 Results: Operating Loss at $19.1 Million; 2022 Financial Outlook Remains Unchanged; Progress of SES Korea Facility on Track to Support JDA Partners
Update Note · 16 Aug 2022

• SES reported an operating loss of $19.1 million, an increase of $12.5 million Y/Y due to increased personnel to support the development of battery cells and AI software. General and administrative costs ($11.9 million) and R&D costs ($7.2 million) were the primary contributors to the operating ...

CLIMATETECH & SUSTAINABLE INVESTING
Electrovaya, Inc. (OTCMKTS:EFLVF TSX: EFL)
3Q22 Results: Revenue Jumps 124.5% Y/Y; Gross Margin Declines by 12.1% Y/Y; Production Ramped Up to Satisfy Growing Demand
Update Note · 16 Aug 2022

• Revenue jumped by 124.5% Y/Y to $4.3 million, compared with $1.9 million in 3Q21. June contributed to more than 50% of the revenue for the quarter as the company successfully ramped up production and effectively addressed the supply chain constraints that affected sales in April and May. Comple...

CLIMATETECH & SUSTAINABLE INVESTING
EVmo, Inc. (OTC: YAYO)
Fireside Chat Highlights How EVmo’s Technology Suite Supports the Company’s Fleet Growth
Management Series · 15 Aug 2022

• WTR recently hosted Michael Harris, VP of Engineering at EVmo, Inc., for a discussion on how the technology can support and enhance the company’s growth. The event is available on demand and is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
2Q22 Results: SAF Sales Agreements Worth $2.1 Billion Signed with Multiple Airlines; Company Strengthens Balance Sheet with Equity Finance
Update Note · 09 Aug 2022

On August 8, 2022, Gevo announced its 2Q22 earnings results. The company recorded $0.1 million in revenue compared with $0.3 million in 2Q21. The decrease was due to the Luverne facility being run on an as-needed basis for the company’s development initiatives.

CLIMATETECH & SUSTAINABLE INVESTING
Weekly Sustainable Investing Surveyor: Week Ended August 5, 2022
Industry Report · 08 Aug 2022

Last Week’s Research Crown Electrokinetics Corp. (CRKN) • Shareholder Letter: Update on Recently Announced Public Offering, Debt Financing, and Transition to Customer Acquisition

CLIMATETECH & SUSTAINABLE INVESTING
Crown Electrokinetics Corp. (NASDAQ: CRKN)
Shareholder Letter: Update on Recently Announced Public Offering, Debt Financing, and Transition to Customer Acquisition
Update Note · 02 Aug 2022

On August 1, 2022, Crown Electrokinetics provided an update on the recently announced equity funding, debt financing, and transition to customer acquisition.

CLIMATETECH & SUSTAINABLE INVESTING
Weekly Sustainable Investing Surveyor: Week Ended July 29, 2022
Industry Report · 01 Aug 2022

Last Week’s Research Aspen Aerogels, Inc. (ASPN) • 2Q22 Results: Revenue Jumps 44.1% Y/Y with Growing PyroThin Demand; Net Loss Widens to $24.1 Million SES AI Corp. (SES) • New AI-Powered Battery Software to Generate Recurring Revenue; CEO Discusses 2022 Key Milestones

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSE: ASPN)
2Q22 Results: Revenue Jumps 44.1% Y/Y with Growing PyroThin Demand; Net Loss Widens to $24.1 Million
Update Note · 29 Jul 2022

Revenue grew 44.1% Y/Y and 18.8% Q/Q to $45.6 million, driven by increasing market adoption of the company’s PyroThin thermal barriers in the EV market and healthy growth in the energy and industrial infrastructure. Complete results can be accessed here.