💧 Hydrogen Index Ends Year Flat. $245M+ VC Funding.
Impact Capital Markets #97 looks at our Hydrogen Stock Index, major impact deals, M&A, and upcoming economic releases.
Halo 🌏
📉 Today's Global Economic Update: The Westpac-Melbourne Institute Consumer Sentiment index declined by 0.3% to 82.4 in May 2024, marking the third consecutive monthly decrease. Despite modest improvements in the long-term outlook, fewer consumers viewed it as an opportune time to purchase major household items.
🩺 Deal of the Day: R3 Vascular, a California-based medical device company, raised a $87M Series B to support its clinical trials.
What's New?
💧 Hydrogen. Hydrogen index ends flat following months of decline
💰 Funding. Medical devices, biotech, staffing + more
💼 M&A. Environmental solutions and oil & gas
📅 Economics. Japan inflation data, US GDP, balance of trade + more
💧 Hydrogen Index Ends Flat Following Months of Decline
HolonIQ's Hydrogen Index declined in September 2023 and continued to fall for several months, with the index now standing at similar levels as it did a year ago. Despite providing an avenue to transition away from fossil fuels, the high energy prices in Europe and Asia have made hydrogen production and transportation a costly business. Investments in earlier announced pilot projects have been delayed, with the prevailing high-interest environment hindering investments in hydrogen-related projects.
Bloom Energy Corp ($2.8B MCap) missed revenue projections and saw its losses widen for the first quarter of 2024. Its stock price has declined by 17% over the last twelve months. Similarly, Plug Power ($2.4B MCap) reported a 43% Year-on-Year decline in first-quarter revenues, missing expectations, while its stock price declined 63%. However, as inflation in the US decreases and interest rates begin to moderate, the outlook for the hydrogen industry is improving. Governments have also ramped up efforts to support the production of hydrogen. The Australian government introduced a Hydrogen Production Tax Incentive, which provides developers with A$2 (US$1.32) per kilogram of green hydrogen. In February, the UK government also announced £21 million of government support for 7 projects.
💰 Funding
🩺 R3 Vascular, a California-based medical device company, raised an $87M Series B from Deerfield Management to support its clinical trials.
🧬 Progentos Therapeutics, a Massachusetts-based myelin regeneration biotech company, raised a $65M Series A from Forbion Capital Partners to advance its MS program and expand its pipeline.
🏫 Zen Educate, a UK-based education staffing platform, raised a $37M Series B to expand operations.
🚚 Overland AI, a Washington-based autonomous defense vehicle technology company, raised a $10M Seed from Point72 Ventures to expand operations.
💧 Subeca, a Texas-based water management solutions provider, raised a $6M Series A from SUEZ Environment to meet demand.
💼 M&A
🌿 Superior Environmental Solutions, an Ohio-based industrial cleaning company, acquired Arrowhead Environmental Services, a Pennsylvania-based environmental solutions provider.
🚢 Saltchuk, a Washington-based transportation and logistics company signed a definitive agreement to acquire Overseas Shipholding Group, a Florida-based oil and gas shipping firm.
📅 Economic Calendar
Japan Inflation Data, US GDP, Balance of Trade + More
Tuesday, May 21st 2024
🇨🇦 Canada Inflation Data, April
🇯🇵 Japan Balance of Trade, April
Wednesday, May 22nd 2024
🇬🇧 UK Inflation Data, April
🇺🇸 US FOMC Minutes
Thursday, May 23rd 2024
🇩🇪 Germany HCOB Manufacturing PMI (Flash), May
🇯🇵 Japan Inflation Data, April
Friday, May 24th 2024
🇬🇧 UK Retail Sales Data, April
🇺🇸 US Durable Goods Orders Data, April
Monday, May 27th 2024
🇩🇪 Germany Ifo Business Climate Index, May
Wednesday, May 29th 2024
🇯🇵 Japan Consumer Confidence Index, May
🇩🇪 Germany GfK Consumer Confidence, June
🇩🇪 Germany Inflation Data Preliminary, May
Thursday, May 30th 2024
🇺🇸 US GDP Growth Data, Q1
🇨🇳 China NBS Manufacturing PMI, May
Friday, May 31st 2024
🇫🇷 France Inflation Data Preliminary, May
🇪🇦 Euro Area Inflation Data (Flash), May
🇮🇹 Italy Inflation Data Preliminary, May
🇮🇳 India GDP Growth Data, Q1
🇨🇦 Canada GDP Growth Data, Q1
🇺🇸 US Core PCE Price Index, April
🇺🇸 US Personal Income & Spending, April
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