๐Ÿ’ฐ $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 ๐ŸŒด

๐Ÿ“‰ 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.

๐ŸŒž 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?

  • ๐Ÿ›ฃ๏ธ Toll Roads. Toll Roads Index Up 7%
  • ๐Ÿ’ฐ Funding. Thermal batteries, precision medicine, hydrogen power & more
  • ๐Ÿ’ผ M&A. Wastewater systems & health benefits software
  • ๐Ÿ“… Economics. Major inflation data, balance of trade, US GDP growth data + more

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๐Ÿ›ฃ๏ธ Toll Roads Index Up 7%

HolonIQโ€™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. Chinaโ€™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%.

๐Ÿ’ฐ Funding

๐ŸŒž 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.

๐Ÿ’Š 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.

๐Ÿ’จ GeoPura, a UK-based hydrogen power company, raised $70.7M from UK Infrastructure Bank & Sustainable Impact Capital to increase the manufacture and supply of Geopuraโ€™s Hydrogen Power Units (HPUs).

๐Ÿฅ 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.

๐Ÿ‘ถ Pozitivf, a California-based fertility clinic network, raised a $20M Series A from MonCap to expand fertility care access in Texas and beyond.

๐Ÿ’ผ M&A

๐Ÿ’ง 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.

๐Ÿฅ Remodel Health, an Indiana-based health benefits software company, acquired PeopleKeep, a Utah-based software developer specializing in employee health benefits for small businesses.

๐Ÿ“… Economic Calendar

Major Inflation Data, Balance of Trade, US GDP Growth Data + More

Tuesday, February 27th 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Inflation Data, January
๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence, March
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders Data, January

Wednesday, February 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Data, Q4

Thursday, February 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡ณ India GDP Data, Q4
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), February
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP Data, Q4
๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index Data, January
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending Data, January

Friday, March 01st 2024

๐Ÿ‡จ๐Ÿ‡ณ China NBS & Caixin Manufacturing PMI (Preliminary), February
๐Ÿ‡ฏ๐Ÿ‡ต Japan Consumer Confidence, February
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data (Flash), February
๐Ÿ‡ฎ๐Ÿ‡น Italy GDP Data, 2024
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡น Italy Government Budget, 2023
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI (Preliminary), February


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