Investment & Risk - Asset managers and pension funds managing $18 trillion (万亿) in assets believe investors are systematically underexposed to the mining industry [1] - Underexposure to the mining industry poses a risk for a sector critical to decarbonization and economic growth [1]

Core Insights - Clean Energy Fuels Corp. has announced new agreements to expand the use of renewable natural gas (RNG) across various transportation markets in the US, highlighting the growing demand for clean fuel alternatives [1][2][3] RNG Agreements and Customer Base Expansion - The new agreements include RNG supply, operations, maintenance, and construction of fueling infrastructure, reflecting the momentum of RNG adoption as fleets seek cost-effective emission reduction solutions [2] - Clean Energy has signed a fueling agreement with United Dairymen of Arizona to supply 200,000 gallons of RNG to five fleets operating natural gas trucks, showcasing the deployment of new Cummins X15N engines [3] - Paper Transport has committed to approximately 250,000 gallons of RNG annually for a dozen new trucks, continuing its long-standing partnership with Clean Energy [4] - Giant Oil has signed an RNG supply agreement for approximately 180,000 gallons per year at its station in Pennsylvania, with Pitt-Ohio as a key customer [5] - Birkmire Trucking has entered an RNG supply deal for 100,000 gallons per year to fuel 15 vehicles, while Vestis will fuel 12 medium-duty trucks with RNG [6] - The Atlantic City Jitney Association has extended its partnership with Clean Energy, upgrading its natural gas station to support 125 new RNG shuttle buses with an estimated 300,000 gallons per year [7] - Republic Services is expanding its RNG fueling portfolio with new stations in Colorado and Nevada, including two new fueling stations in Fort Collins and Parker designed to support 135 RNG trucks [8] - USA Hauling & Recycling has renewed its RNG supply contract for 2.5 million gallons annually to fuel 150 refuse vehicles, alongside plans for a new fueling station in Connecticut [9] - Ecotech Waste Logistics has signed an agreement for approximately 300,000 gallons of RNG annually to fuel 30 vehicles [10] LNG Agreements in Space and Energy Sectors - Clean Energy has signed a bulk LNG fueling agreement with Astrobotic for 100,000 gallons to support lunar lander operations [11] - Stoke Space has entered an agreement for 120,000 gallons of high-purity LNG for rocket engine testing, while Apollo Energy Resources has signed for 480,000 gallons to support advanced energy solutions [12]

Core Insights - Oslo Innovation Week 2025 attracted 15,000 participants from various sectors, focusing on climate action through research and entrepreneurship [3] - Oslo's annual venture capital has surged 13 times since 2014, reaching $650 million in 2024, driven by interests in clean technology, maritime technology, and life sciences [4] Company Highlights - **Norwegian Mycelium (NoMy)**: Winner of the Oslo Innovation Award 2025, NoMy transforms food industry waste into mycoproteins using AI-driven fermentation, recently raising €1.25 million for commercialization [6][9] - **Avisomo**: Innovating modular vertical farming to reduce waste and costs in fresh produce supply chains, Avisomo secured €5.2 million in funding to develop its indoor farming solutions [11][12] - **Agoprene**: Developed a sustainable seaweed-based foam alternative to petroleum-based products, recently launching automated production after receiving a grant of $81,900 from the EU [15][17] - **Brim Explorer**: Offers hybrid electric boats for sustainable tourism, with plans to expand its fleet and promote environmental awareness through its Ocean Ambassador Program [20][24] - **Telescope**: An AI-driven platform that assesses climate risks for real estate, raised €3.7 million to enhance its services, providing localized risk assessments [25][28][30] Industry Trends - The focus on sustainability is evident as companies like NoMy and Agoprene address environmental impacts in food production and materials [6][15] - The rise of vertical farming solutions like Avisomo indicates a shift towards reducing carbon footprints in agriculture [11][12] - The maritime sector is adapting to sustainability demands, with Brim Explorer leading the way in eco-friendly tourism [20][21] - The financial sector is increasingly recognizing climate risks, as highlighted by Telescope's innovative approach to risk assessment [26][27][29]

Third-Quarter 2025 Results 1 2 3 4 Maximize Value As Continue With Strong business operating system and performance culture Uplifting culture – integrity, ingenuity, community & engagement Powerful cash flow Win Through Sustainable Innovation Grow Margins and Cash Via Execution Excellence Focused Climate Co. Dynamic Capital Allocation Strong Foundation 3 This presentation includes "forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, includin ...

Core Insights - XCF Global, Inc. is positioned as a significant player in the decarbonization of the aviation industry through Sustainable Aviation Fuel (SAF) [1] - The company emphasizes the vast scale of both the challenges and opportunities presented by the evolving global policy landscape regarding SAF adoption [1] Industry Overview - The aviation industry is undergoing a transformation driven by the need for sustainable practices, particularly in fuel usage [1] - The global policy environment is rapidly changing, influencing the pace and scale of SAF adoption [1]

Core Insights - Plug Power Inc. has signed a binding supply agreement with Allied Biofuels FE LLC for up to 2 gigawatts (GW) of GenEco PEM electrolyzer systems, aimed at supporting the development of sustainable aviation fuel (SAF), electro-sustainable aviation fuel (eSAF), and green diesel [1][2] - This agreement, along with a previously announced 3 GW collaboration with Allied Green Ammonia, brings the total contracted electrolyzer capacity between Plug and its partners to 5 GW [2] - The signing took place in Australia during Plug's CEO Andy Marsh's visit, highlighting the company's expanding role in large-scale renewable fuel production in Central Asia [3] Company Developments - Plug Power's technology will be utilized in ABF's flagship SAF and eSAF facility in Uzbekistan, strategically positioned to serve global sustainable fuel markets [2] - The agreement is one of the largest electrolyzer supply contracts announced in 2025, emphasizing Plug's commitment to enabling renewable fuel production [3] - Plug's CEO stated that the agreement demonstrates the company's ability to turn hydrogen commitments into operational projects at a multi-gigawatt scale [4] Industry Position - Plug Power is reinforcing its position as a leading provider of electrolyzers for renewable fuel and hydrogen-based energy transition projects, with ongoing advancements in South Korea, India, and Japan [4] - The company has deployed over 72,000 fuel cell systems and 275 fueling stations globally, making it the largest user of liquid hydrogen [6] - Plug is focused on building a fully integrated hydrogen economy, providing solutions across production, storage, delivery, and power generation [5]

Core Insights - Kansai Electric Power Company reported a slight increase in first-half profit for fiscal 2025, supported by improved cost management despite declines in revenue and operating profit [1] Financial Performance - For the six months ended September 30, 2025, consolidated net sales were ¥2.01 trillion, a decrease of 6.0% year-on-year, while operating profit fell by 7.0% to ¥276.6 billion [2] - Ordinary profit decreased by 1.3% to ¥315.0 billion, but net profit attributable to shareholders rose by 1.8% to ¥232.9 billion [2] - Basic earnings per share were ¥209.08, down from ¥256.44 in the previous year, attributed to a larger share base following a stock split [3] Asset and Equity Position - As of September 30, total assets were ¥9.6 trillion, slightly below the March 2025 level, while equity strengthened to ¥3.27 trillion, increasing the equity ratio to 34.0% from 31.8% at the fiscal year's start [4] Dividend Forecast - The company revised its full-year dividend forecast upward to ¥75 per share, comprising an interim dividend of ¥30 and a planned year-end payment of ¥45, up from ¥60 the previous year [4] Future Projections - For the full year ending March 31, 2026, Kansai Electric forecasts consolidated net sales of ¥4.05 trillion, a decrease of 6.6% from FY2024, with operating profit expected to decline by 4.0% to ¥450 billion [5] - Net profit is projected at ¥360 billion, a 14.4% decrease from the prior year, due to lower electricity prices and sluggish demand [5] Industry Context - Japan's power utilities, including Kansai Electric, are experiencing normalization after two years of exceptional earnings driven by fuel cost adjustments and high tariffs during the global energy price surge [6] - With LNG and coal prices stabilizing, utilities are focusing on operational efficiency, nuclear restarts, and long-term investments in decarbonization [6] Strategic Initiatives - Kansai Electric is accelerating investments in renewable and nuclear energy to support Japan's 2050 net-zero goal [7] - The company is also expanding its overseas and digital infrastructure businesses to diversify revenue sources amid a maturing domestic electricity market [7]

Core Insights - Technip Energies reported a solid financial performance for the first nine months of 2025, achieving a year-over-year revenue growth of 9% to €5.4 billion and maintaining strong profitability with a recurring EBITDA of €478 million, also up 9% year-over-year [3][4][23]. Financial Performance - Revenue for 9M 2025 reached €5,417.1 million, compared to €4,970.8 million in 9M 2024, marking a 9% increase [4][5]. - Recurring EBITDA for the same period was €478.0 million, up from €439.3 million, maintaining a margin of 8.8% [4][5]. - Net profit for 9M 2025 was €281.9 million, slightly up from €279.9 million in 9M 2024 [5][7]. - Adjusted order intake for 9M 2025 was €3,361.8 million, down from €4,813.5 million in 9M 2024, resulting in a book-to-bill ratio of 0.6 [18][19]. Strategic Developments - The company announced the acquisition of Ecovyst's Advanced Materials & Catalysts business for US$556 million, which is expected to enhance its capabilities in the catalyst value chain and is anticipated to close by Q1 2026 [3][46][47]. - Technip Energies secured a major contract for the Commonwealth LNG export facility in the US, which is expected to significantly contribute to the company's backlog once confirmed [3][33]. - The company is extending its leadership in LNG and modularization, with additional contracts awarded for projects in Mozambique and Indonesia [3][34][36]. Operational Highlights - The company reported strong commercial prospects in LNG, decarbonization, and sustainable fuels, supported by a diverse portfolio of technologies and solutions [3][4]. - Key operational milestones include progress on various projects such as the QatarEnergy North Field Expansion and the Marsa LNG project in Oman [27][29]. Market Position - Technip Energies is positioned as a global leader in energy and decarbonization infrastructure, contributing to critical markets such as LNG, hydrogen, and sustainable chemistry [12][46]. - The company emphasizes a disciplined approach to capital allocation and cost management, focusing on long-term value creation for stakeholders [3][54].

Core Viewpoint - Sany Heavy Industry Co., Ltd. has successfully listed on the Main Board of HKEX, marking a significant milestone in its globalization and capital deployment strategy, completing its A+H dual-listing framework [1][3] Group 1: Listing Details - The listing ceremony was attended by government officials, business partners, and Sany's management, symbolizing the company's entry into international capital markets [2] - Sany offered approximately 632 million H-shares at an offering price of HKD 21.30 per share, with a 15% over-allotment option, attracting cornerstone investors who subscribed for US$759 million worth of shares [3] Group 2: Company Growth and Strategy - Since its inception, Sany has evolved from a single-product, single-market player to a world-class construction machinery firm with diversified offerings and global operations [4] - The company is advancing three core strategies: Globalization, Digitalization, and Decarbonization, ranking 3rd globally and 1st in China for core construction machinery revenue [5] Group 3: Digitalization and Decarbonization Efforts - Sany utilizes digital technology to enhance manufacturing and operations, being the only global construction machinery firm with two WEF-certified Lighthouse Factories [6] - In 2024, Sany launched over 40 new energy product models, achieving new energy revenue of RMB402.5 million, leading China in sales of electric construction machinery [7] Group 4: Future Outlook - The H-share listing will catalyze Sany's strategies, with net proceeds funding global sales network expansion, R&D enhancement, overseas manufacturing growth, and working capital replenishment [8] - Sany is positioned to capitalize on global opportunities, aiming to strengthen its leadership in the construction machinery sector through innovation and strategic expansion [9]

Core Viewpoint - NewHydrogen, Inc. is developing ThermoLoop™, a technology that utilizes water and heat instead of electricity to produce clean hydrogen, and it is positioned to pair effectively with Small Modular Reactors (SMRs) to create a cost-effective clean hydrogen solution [1][2]. Technology and Economic Benefits - ThermoLoop can leverage the high-temperature heat generated by nuclear reactors, which is essential for producing hydrogen without relying on electricity or fossil fuels [2][4]. - A 50-megawatt SMR, when combined with ThermoLoop at 50% energy efficiency, could generate approximately 54 metric tons of hydrogen daily, sufficient to support 54 hydrogen fueling stations and 10,000 vehicle fill-ups per day [3]. - The integration of ThermoLoop with SMRs can create a new revenue stream for nuclear plants while contributing to global decarbonization efforts [4]. Market Dynamics and Growth Potential - Governments in the U.S., Japan, and Europe are accelerating the construction of nuclear plants to meet rising energy demands, particularly from AI data centers and electrified transportation [5]. - SMRs are considered a cornerstone of the next generation of nuclear power, although they face challenges in cost competitiveness. The combination with ThermoLoop can enhance project economics by producing both electricity and hydrogen from the same heat source [5]. - The collaboration between nuclear and hydrogen technologies can facilitate large-scale decarbonization and enhance long-term energy security [6]. Strategic Vision - The growth of SMRs presents significant opportunities for ThermoLoop, as nations strive to expand reliable, carbon-free energy capacity. This technology can convert nuclear heat into clean hydrogen, providing economic advantages and supporting the clean energy transition [7]. - Integrating ThermoLoop into SMR facilities could lead to the development of multi-output clean energy plants capable of producing electricity and hydrogen continuously and efficiently [7]. Industry Context - Hydrogen is crucial for various industries, including fertilizers, transportation, oil refining, and steel production. Currently, most hydrogen is produced from hydrocarbons, which are limited and environmentally harmful [8]. - NewHydrogen aims to transition to a clean hydrogen economy, with a market value projected by Goldman Sachs to reach $12 trillion [9].