In today’s briefing:
- Impressive Progress on Multiple Fronts to End the Year
- CF Industries Holdings Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Our Oil Price Analysis // FED is Willing to Break the Market
- FMC Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- Getting ISA Exploitation Application Ducks in a Row with the Help of Bechtel
Impressive Progress on Multiple Fronts to End the Year
- WWR provided an investor update for 4Q22 and FY22 results, which included a full-year net loss of $11.1 million, compared with a $16.1 million loss in 2021, driven by lower product development costs, partially offset by higher general and administrative costs, as the company continues to add to its team.
- For the year, WWR spent $52.8 million in capex on Phase I of its Kellyton, AL graphite plant and has $75 million in cash remaining on its balance sheet as of the end of 2022, with no debt.
- Agreement with Tier I battery OEM. WWR has entered into an agreement with a Tier I EV battery manufacturer that can result in a finalized offtake agreement for potentially all graphite anode material from the plant.
CF Industries Holdings Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on one of the largest producers of nitrogen products in the world – CF Industries.
- CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen.
- We initiate coverage on the stock of CF Industries with an ‘Outperform’ rating.
Our Oil Price Analysis // FED is Willing to Break the Market
- According to S&P Global, the renewable output by the grid operator MISO averaged 333,012 GWh in Q4.
- Despite Bonneville Power Administration’s (BPA) renewable output slipping 12% in Q4, it remained the footprint with the most renewable market share at 75.6% of its total fuel mix for Q4.
- The latest ACP data shows that the total installed solar capacity in the US grew by 17% year on year, reaching 74.126 GW in Q4.
FMC Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on FMC Corporation, a major agricultural sciences company in the U.S.
- FMC achieved significant results in the quarter because of high volume growth and aggressive pricing and it managed to deliver an all-around beat.
- Its new product sales are growing quickly, nearly doubling year over year, accounting for 11% of overall sales in the quarter.
Getting ISA Exploitation Application Ducks in a Row with the Help of Bechtel
- Having completed the large-scale pilot program in December 2022, TMC, along with its NORI partners, consultants, and independent observers, generated and collected a wealth of environmental, technical, and economic data pertaining to deep-sea mining operations the company intends to undertake on commercial scale once the ISA exploitation application is accepted and approved.
- TMC also announced that it joined an international consortium to develop the first ESG handbook for marine minerals in an effort to establish global uniform standards for the evaluation of ESG performance of marine mineral projects.
- In preparation for its exploitation contract application, the company has engaged Bechtel Australia Ltd., a global leader in engineering, procurement, and construction, to collect and compile the various technical and economic studies, including environmental studies, being prepared by the consultants that will form the basis for NORI’s application to the ISA for an exploitation contract.
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