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๐Ÿ’ง 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 ๐ŸŒ

๐Ÿ“‰ 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.

๐Ÿฉบ 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?

๐Ÿ’ง Hydrogen. Hydrogen index ends flat following months of decline
๐Ÿ’ฐ Funding. Medical devices, biotech, staffing + more
๐Ÿ’ผ M&A. Environmental solutions and oil & gas
๐Ÿ“… Economics. Japan inflation data, US GDP, balance of trade + more

๐Ÿ’ง 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 ยฃ21 million of government support for 7 projects.

๐Ÿ’ฐ Funding

๐Ÿฉบ R3 Vascular, a California-based medical device company, raised an $87M Series B from Deerfield Management to support its clinical trials.

๐Ÿงฌ 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.

๐Ÿซ Zen Educate, a UK-based education staffing platform, raised a $37M Series B to expand operations.

๐Ÿšš Overland AI, a Washington-based autonomous defense vehicle technology company, raised a $10M Seed from Point72 Ventures to expand operations.

๐Ÿ’ง Subeca, a Texas-based water management solutions provider, raised a $6M Series A from SUEZ Environment to meet demand.

๐Ÿ’ผ M&A

๐ŸŒฟ Superior Environmental Solutions, an Ohio-based industrial cleaning company, acquired Arrowhead Environmental Services, a Pennsylvania-based environmental solutions provider.

๐Ÿšข 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.

๐Ÿ“… Economic Calendar

Japan Inflation Data, US GDP, Balance of Trade + More

Tuesday, May 21st 2024

๐Ÿ‡จ๐Ÿ‡ฆ Canada Inflation Data, April
๐Ÿ‡ฏ๐Ÿ‡ต Japan Balance of Trade, April

Wednesday, May 22nd 2024

๐Ÿ‡ฌ๐Ÿ‡ง UK Inflation Data, April
๐Ÿ‡บ๐Ÿ‡ธ US FOMC Minutes

Thursday, May 23rd 2024

๐Ÿ‡ฉ๐Ÿ‡ช Germany HCOB Manufacturing PMI (Flash), May
๐Ÿ‡ฏ๐Ÿ‡ต Japan Inflation Data, April

Friday, May 24th 2024

๐Ÿ‡ฌ๐Ÿ‡ง UK Retail Sales Data, April
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders Data, April

Monday, May 27th 2024

๐Ÿ‡ฉ๐Ÿ‡ช Germany Ifo Business Climate Index, May

Wednesday, May 29th 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Consumer Confidence Index, May
๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence, June
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data Preliminary, May

Thursday, May 30th 2024

๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Data, Q1
๐Ÿ‡จ๐Ÿ‡ณ China NBS Manufacturing PMI, May

Friday, May 31st 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data Preliminary, May
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data (Flash), May
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data Preliminary, May
๐Ÿ‡ฎ๐Ÿ‡ณ India GDP Growth Data, Q1
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP Growth Data, Q1
๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index, April
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending, April

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