💰 $400M+ VC Funding. Toll Roads Index Up 7%.
Impact Capital Markets #35 looks at our Toll Roads Stock Index, major impact deals, M&A, and upcoming economic releases.
Manao ahoana 🌴
📉 Today's Global Economic Update: Germany's Manufacturing PMI data released yesterday showcased a notable decline to 42.3 in February 2024, its lowest level in four months. This unexpected drop underscores the manufacturing sector's ongoing challenges stemming from weak demand.
🌞 Deal of the Day: Antora Energy raised $150M in Series B funding to ramp up production of its factory-made thermal batteries.
What's New?
- 🛣️ Toll Roads. Toll Roads Index Up 7%
- 💰 Funding. Thermal batteries, precision medicine, hydrogen power & more
- 💼 M&A. Wastewater systems & health benefits software
- 📅 Economics. Major inflation data, balance of trade, US GDP growth data + more
For unlimited access to more deals and economic updates, request a demo
🛣️ Toll Roads Index Up 7%
HolonIQ’s Toll Roads Index grew by 7% over the past year, rebounding from a slight decline in October 2023. The index's positive performance was largely fueled by Chinese listed entities. Jiangsu Expressway (Market Cap: US$ 8B) saw a 42% increase, while Jiangxi Ganyue Expressway (Market Cap: US$ 1B) rose by 26%. Despite economic challenges in China, traffic has surged, reaching record levels during this year's Chinese New Year period. The lifting of COVID restrictions at the end of 2022 likely played a role in this trend. China’s five-year transportation infrastructure investment plan, which includes proposals to expand expressways by 11%, creates a positive outlook for Jiangsu Expressway and other Chinese counterparts within the index.
Major stocks within the index that saw declines include Transurban Group (MCap: US$ 26B), an Australia-based firm that operates and develops toll roads globally. The company's stock declined 8%, despite reaching new record volumes in toll revenue in 2023. Atlas Arteria (MCap: US$ 5B), another Australian toll operator, also declined by 21%.
💰 Funding
🌞 Antora Energy, a California-based producer of thermal energy storage systems, raised a $150M Series B from Decarbonization Partners to ramp up production of its factory-made thermal batteries.
💊 Frontier Medicines Corporation, a California-based precision medicine company, raised a $80M Series C from Droia Ventures and Deerfield Management to support the advancement of its clinical studies.
💨 GeoPura, a UK-based hydrogen power company, raised $70.7M from UK Infrastructure Bank & Sustainable Impact Capital to increase the manufacture and supply of Geopura’s Hydrogen Power Units (HPUs).
🏥 Carewell, a Florida-based online retailer focused on providing family caregivers with healthcare resources, raised a $24.7M Series B from MBF Healthcare to accelerate its growth.
👶 Pozitivf, a California-based fertility clinic network, raised a $20M Series A from MonCap to expand fertility care access in Texas and beyond.
💼 M&A
💧 Levine Leichtman Capital Partners, a California-based private equity firm, acquired USA Water, an operations and maintenance services provider for water and wastewater systems across the Southeast United States.
🏥 Remodel Health, an Indiana-based health benefits software company, acquired PeopleKeep, a Utah-based software developer specializing in employee health benefits for small businesses.
📅 Economic Calendar
Major Inflation Data, Balance of Trade, US GDP Growth Data + More
Tuesday, February 27th 2024
🇯🇵 Japan Inflation Data, January
🇩🇪 Germany GfK Consumer Confidence, March
🇺🇸 US Durable Goods Orders Data, January
Wednesday, February 28th 2024
Thursday, February 29th 2024
🇫🇷 France Inflation Data (Preliminary), February
🇮🇳 India GDP Data, Q4
🇩🇪 Germany Inflation Data (Preliminary), February
🇨🇦 Canada GDP Data, Q4
🇺🇸 US Core PCE Price Index Data, January
🇺🇸 US Personal Income & Spending Data, January
Friday, March 01st 2024
🇨🇳 China NBS & Caixin Manufacturing PMI (Preliminary), February
🇯🇵 Japan Consumer Confidence, February
🇪🇦 Euro Area Inflation Data (Flash), February
🇮🇹 Italy GDP Data, 2024
🇮🇹 Italy Inflation Data (Preliminary), February
🇮🇹 Italy Government Budget, 2023
🇺🇸 US ISM Manufacturing PMI (Preliminary), February
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