As the oil boom continues, there are many other niches in the energy sector that may remain undervalued and overlooked. This feature is going to take a closer look at four undervalued energy stocks that could be on the cusp of growth.
Gevo Inc. (NASDAQ: GEVO): The renewable chemicals and biofuels firm is involved in the commercialization and development of alternatives to petroleum-related products. The products manufactured by Gevo Inc. are made with isobutanol, derived from renewable feedstock.
The company operates through three main segments: the Gevo segment, the Agri-Energy segment, the Natural Gas segment, and the Net Zero segment. Gevo Inc. announced on September 6 that it had concluded and signed a Notice of Grant and Agreement Award with the United States Department of Agriculture. The agreement was for the award of a Partnerships for Climate-Smart Commodities grant, which could amount to a maximum of $30 million for the company’s Climate Smart Farm to Flight Program.
The initiative would be concerned with the quantification and tracking of the carbon intensity (CI) impact of smart climate measures. Concurrently, it would also work on the creation of market incentives for low-CI corn so that the production of sustainable aviation fuel as well as low-CI ethanol could be sped up.
Clean Vision Corporation (OTCQB: CLNV): The company is involved in the acquisition, management, and operation of a portfolio of companies in the green energy and clean tech spaces, which are synergistic. Recently, Clean Vision Corporation announced that Clean Seas Morocco, its subsidiary unit, had entered into a feedstock supply contract with the worldwide waste management leader Clean Oceans 2. As per the terms of the agreement, Clean Oceans 2 would be responsible for the delivery of feedstock or plastic waste to Clean Seas’ plant in Agadir, Morocco. Clean Seas would not have to incur any costs for the delivery.
The highest deliverable amount had been set at 1,000 metric tons of plastic waste a year. Securing the supply of feedstock was a major milestone for the company since it was the key to the expansion of the Plastic Conversion Network (PCN). PCN is its software network for linking feedstock and conversion plants across Morocco.
On June 12, 2023 the company announced that Clean Seas had inked a joint venture agreement with Rob & Melani Sustainability Solutions Service (WS3). WS3 is based out of and affiliated with Arizona State University. Clean Seas and WS3 would work on the design, development, and operation of a plastic waste conversion project, converting plastic waste into renewable/reusable energy. In the first phase of the project, the joint venture would be focused on the development of a facility with a capacity of 100 tons a day of post-consumer plastic feedstock.
FuelCell Energy Inc. (NASDAQ: FCEL): The company is a worldwide leader in the field of clean energy technologies, which help meet some of the major global challenges concerning energy, global urbanization, and safety. The company announced on August 24 that it had concluded a project debt financing transaction with Amalgamated Bank and Liberty Bank as the senior lenders.
The Connecticut Green Bank acted as the subordinate lender. The debt financing was related to the company’s Connecticut Municipal Electric Energy Cooperative (CMEEC) fuel cell microgrid-ready project. The project is situated at Naval Submarine Base New London in Groton, Connecticut. The senior commitments from Amalgamated Bank and Liberty Bank added up to $12 million. The commitments had a term of 7 years. The commitment from Connecticut Green Bank was for $8 million, and the term was set at 20 years.
Cunningham Natural Resources Corp. (OTC: HNRC): The diversified company is primarily involved in the oil and gas sector. Recently, Cunningham Natural Resources Corp. completed the 100% acquisition of Cunningham Energy LLC, which boasted appraised reserves of $352 million. On August 28, HNR Acquisition Corp., one of its portfolio companies, inked an amended and restated membership interest purchase agreement (A&R MIPA).
The A&R MIPA pertaining to the acquisition of the entire equity interest in a New Mexico-based oil firm and its subsidiaries The A&R MIPA was a replacement for the membership interest purchase agreement that had been signed in December 2022. As per the new terms of the agreement, the transaction would consist of $63 million in cash and other inducements.
Cunningham Natural Resources agreed to issue voting-only Class B common stock with no economic value. Additionally, it also offered two million units in HNRA Upstream, a recently formed subsidiary.
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