Summary of Key Takeaways from the GS Energy, CleanTech, & Utilities Conference Industry Overview - The conference focused on the Energy, CleanTech, and Utilities sectors, highlighting macro and microeconomic factors affecting these industries. Key Companies Mentioned - **E&P Companies**: FANG, SU, VLO, KGS, SRE, FTI, CCJ - **Utilities**: Sempra (SRE), Vistra - **Energy Services**: FTI, Kodiak Gas (KGS) - **Clean Technology**: Cameco Corp. (CCJ), OKLO - **Midstream**: Energy Transfer (ET), WMB Core Insights and Arguments E&P Sector - Caution on near-term liquids pricing due to oversupply expected in 1H26, with a long-term price estimate of $70-$75/bbl for Brent [2] - FANG is highlighted for its favorable risk/reward profile, with a 22% upside to a 12-month price target of $179/share [2] - Concerns about natural gas pricing and potential oversupply in LNG by 2028-2029 [2] Integrated Oil & Refiners - Expectations for widening light-heavy differentials, particularly influenced by Venezuelan production [3] - Suncor (SU) shares have pulled back by 7%, but the integrated business model is seen as resilient [5] - Valero (VLO) is viewed positively due to Gulf Coast exposure and operational efficiency [5] Midstream Sector - Focus on capturing growth opportunities in natural gas pipeline capacity and behind-the-meter generation [6] - Kodiak Gas (KGS) is noted for its strong performance in natural gas compression and potential expansion into the BTM power market [6] Utilities - 2026 is expected to mark a transition from planning to execution, with more PPA announcements anticipated [7] - Affordability is a major concern for regulated utilities amid bill inflation [7] - Sempra (SRE) is seen as having attractive risk/reward, with a focus on EPS growth guidance of 7%-9% through 2029 [8] Energy Services - Anticipation of an international activity inflection in late 2026 into 2027, with FTI highlighted for strong order visibility [9] - FTI expects ~$10 billion in orders for 2026, with a focus on subsea services and capital returns [9] Clean Technology - Growing demand from AI data centers is driving interest in nuclear and utility-scale solar markets [10] - Cameco Corp. (CCJ) is noted for its favorable uranium pricing outlook and government support for nuclear projects [10] - OKLO's partnership with Meta is generating interest regarding its execution timeline and licensing [41] Additional Important Insights - Investor sentiment is cautious regarding Canadian oil equities due to potential Venezuelan oil flow resumption impacting pricing [29] - The outlook for U.S. supply growth in 2026 is debated, with EQT expecting growth from ~109 Bcf/d to ~114 Bcf/d [27] - Concerns about the IPP sector's weakness, particularly for Vistra, with mixed sentiment on fundamentals [35] - Offshore wind projects are under scrutiny, with Eversource and Dominion facing regulatory challenges [36] Conclusion The conference provided a comprehensive overview of the current state and future outlook of the Energy, CleanTech, and Utilities sectors, highlighting both opportunities and risks across various companies and sub-sectors. Investors are advised to remain selective and focus on companies with strong operational execution and favorable market positioning.

Core Insights - Many boards are approving AI strategies without clear visibility into the effectiveness of underlying controls, exposing CFOs to scrutiny from regulators, auditors, or investors [1] - Health care organizations face significant challenges in AI governance and controls, with many lacking essential capabilities [4][5] Industry Challenges - 53% of organizations cannot remove personal data from AI models once used, leading to long-term compliance risks under GDPR and other regulations [2] - 63% of organizations cannot enforce purpose limitations on AI agents, 60% lack kill-switch capabilities, and 72% do not have a software bill of materials for AI models [3] - The government sector faces the steepest challenges due to legacy systems, while health care is particularly weak in AI governance [4] Health Care Sector Insights - Over 80% of health care respondents have no API agents planned, reflecting a conservative approach to AI spending [5] - Health care has lagged behind other industries in adopting advanced technologies due to economic constraints, with operating margins typically around 2-3% [6][7] - AI is increasingly viewed as essential for financial sustainability in health care, with leaders recognizing its potential to improve operational efficiency [6] CFO Perspectives - Health care CFOs are under pressure to balance AI investment with limited resources, making technology decisions feel critical rather than experimental [7] - Quantifying AI's return on investment is challenging, complicating the decision-making process for CFOs [7][8] - CFOs are being asked to approve significant technology investments without the necessary internal expertise to evaluate or manage them [8]

Core Viewpoint - Aduro Clean Technologies Inc. has announced a public offering of common shares and warrants, aiming to raise approximately US$20 million to fund its clean technology initiatives [1][2]. Group 1: Offering Details - The offering consists of 1,739,130 common shares and accompanying warrants to purchase 869,565 common shares, with gross proceeds expected to be around US$20 million before expenses [1]. - Each whole warrant has an exercise price of US$16.00 per share, is immediately exercisable, and will expire three years from issuance [1]. - The underwriters have a 45-day over-allotment option to purchase an additional 260,869 common shares and/or warrants for 130,434 common shares [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for the construction of a Demonstration-Scale Plant, ongoing research and development, general corporate purposes, and working capital [2]. Group 3: Regulatory Information - The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and a Canadian short form base shelf prospectus [4]. - The final prospectus supplement detailing the terms will be filed with the relevant securities regulatory authorities [5]. Group 4: Company Overview - Aduro Clean Technologies specializes in patented water-based technologies for recycling waste plastics, converting heavy crude into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [7]. - The company's Hydrochemolytic™ Technology utilizes water as a key agent in a low-temperature chemistry platform, aiming to convert low-value feedstocks into valuable resources for the 21st century [7].

Summary of Birchtech Corp Conference Call Company Overview - **Company Name**: Birchtech Corp (OTCPK:BCHT) - **Industry**: Clean coal and clean water technologies - **Core Business**: Development of activated carbon technologies for contaminant removal from air and water [2][3] Key Points Financial Performance - **Revenue**: Expected revenues of over $268 million in the near term [3] - **2025 Revenue Estimate**: $18 million [6] - **Revenue Run Rate**: Potential to ramp to about $40 million by the end of 2026 [6] - **Gross Margins**: Approximately 30% [6] Market Opportunities - **Clean Air Technologies**: - Established core business reducing mercury emissions, with over 80% of U.S. power plants using their process [2] - Anticipated growth in 2026 [4] - **Clean Water Technologies**: - New entrant in the multi-billion-dollar market for PFAS removal, with 50% of U.S. states adopting PFAS limits [3][5] - Expected to develop significant business by 2030 [5] Intellectual Property and Legal Matters - **Patents**: 33 total patents with new provisional patents for water business [3] - **Legal Claims**: Secured $35 million in license agreements from infringement claims [3] - **Jury Verdict**: Awarded $57 million for willful infringement, with a pending request for $160 million in final judgment [4][8] Growth Strategies - **Water Treatment Facilities**: Planning to open reactivation facilities by the end of 2026 [5] - **New Technologies**: Launching new activated carbon technologies with commercialization expected early next year [9] - **Consulting Services**: Providing testing and consulting services to municipalities for PFAS compliance [10][12] Regulatory Environment - **EPA Regulations**: New regulations for PFAS compliance expected, with 27 states actively pursuing PFAS capture [3][21] - **Impact of Regulations**: Anticipated growth in business as utilities prepare for compliance [21] Future Outlook - **Uplisting Plans**: Targeting uplisting to a major U.S. exchange by early 2026 [15][22] - **Long-term Growth**: Expectation that water treatment revenues could rival air business revenues by the end of 2026 [19] Additional Insights - **Community Impact**: 90% of the U.S. population affected by PFAS, with significant community contamination [11] - **Market Demand**: Increasing demand for affordable water purification technologies [10] Conclusion Birchtech Corp is positioned for significant growth in both air and water treatment sectors, driven by strong market demand, regulatory changes, and a robust intellectual property portfolio. The company is actively pursuing legal claims to enhance its financial position while preparing for future market opportunities in water treatment.

Altor has agreed to acquire Evac, the Finnish clean technology firm backed by Bridgepoint https://t.co/b6INEneemU ...

Summary of Key Points from the Conference Call Industry Overview - The focus remains on electricity demand, AI/power needs, and their impact on equities within the Energy, Utilities, and Mining sectors [1][5] Company Insights EQT (Oil & Gas) - EQT is highlighted as a high-quality equity for exposure to power demand, being a low-cost Appalachian producer with significant inventory depth [2] - The company benefits from extensive midstream infrastructure post-ETRN acquisition, enhancing local project interconnectivity [2] - Positive outlook maintained with a 12-month price target of $66 per share, reflecting an 8.5% target FCF yield on 2026/2027 estimates [2] Kinder Morgan (KMI) (Midstream) - KMI is viewed as a top opportunity due to its role in transporting ~40% of US natural gas and its interconnectivity across key regions [3] - The company is in discussions for $10 billion of pre-FID projects aimed at growing power demand, with a notable discount in stock price compared to peers [6] Sempra Energy (SRE) (Utilities) - SRE is rated as a Buy, with Oncor expected to benefit from data center load growth and a supportive regulatory environment [7] - The stock trades at 17.6x 2026E P/E, with an expected EPS growth rate of 10% through 2029, suggesting a higher multiple is warranted [7] Duke Energy (DUK) (Utilities) - DUK is also rated as a Buy, with a price target of $141, reflecting a 19.5x P/E multiple on estimates [7] - The company plans to increase capex to $95-$105 billion due to rising demand, with a competitive advantage in gas generation [7] MasTec (MTZ) (Energy Services) - MTZ is positioned well for growth due to increased utility capital spending and upcoming T&D projects starting in mid-2026 [8] - The stock trades at ~13x 2026 EV/EBITDA, slightly below the target of 14x, indicating potential for upside [8] Array Technologies (ARRY) (Clean Technology) - ARRY is seen as a compelling investment in the utility-scale solar sector, trading at a P/E of 11.1x compared to peers at 14.2x [10] - The company has improved its growth outlook and is experiencing bookings acceleration, which should lead to margin expansion [10] Market Dynamics - The overall sentiment is constructive regarding growing power demand, which is expected to support gas demand growth and infrastructure development [3] - There is a noted disconnect in valuations, particularly for ARRY, which is trading at a significant discount despite improved growth prospects [10] Risks and Considerations - Key risks for companies include lower commodity prices, execution risks on capital plans, and regulatory uncertainties [60] - Investors are advised to consider the potential for LNG cargo cancellations impacting the US gas market later in the decade [41] Conclusion - The conference call highlighted a positive outlook for several companies within the Energy, Utilities, and Mining sectors, driven by increasing power demand and strategic capital investments. However, investors should remain cautious of potential risks associated with commodity price fluctuations and execution challenges.

Company Overview - Aduro Clean Technologies Inc. is a clean technology company focused on transforming lower-value feedstocks such as waste plastics, heavy bitumen, and renewable oils into valuable resources for the 21st century [1][3] - The company utilizes patented water-based technologies, including its Hydrochemolytic™ Technology, which operates at relatively low temperatures and costs, making it a game-changing approach in the industry [3] Conference Participation - Aduro will participate as a Gold Sponsor at the 51st Annual New Orleans Investment Conference, scheduled for November 2-5, 2025 [1][2] - The company will present on November 4, 2025, at 10:50 AM and will have an exhibition booth (Booth 320) [2] - The conference is known for attracting sophisticated retail and institutional investors, featuring keynote speakers, panel discussions, and networking opportunities focused on macro trends, commodities, energy, precious metals, and emerging technologies [2] Investor Engagement - The management team of Aduro will be available for one-on-one meetings with investors during the conference, providing an opportunity to discuss the company's strategy, technology development, and upcoming milestones [3] - On-site meeting space will be available throughout the conference for these discussions [3]

Company Overview - Remora is developing carbon capture technology for vehicles, focusing on semi-trucks and locomotives, retrofitting them to extract and purify CO2 from exhaust to produce beverage-grade CO2 [6] - The company aims to reduce vehicle emissions by at least 80% [16] - Remora has raised $17 million in venture backing and signed evaluation agreements with major freight companies [33] Technology and Innovation - The system captures CO2 using pellets that trap CO2 molecules while allowing other gases to pass through [7] - Captured CO2 is offloaded as a liquid and sold to end users like food and beverage companies, greenhouses, and water treatment facilities [8] - Remora is building a modular system for different locomotives and trucks, aiming for vertical integration in the production process [27][28] - The company uses a simulator with a real truck engine to model device performance under various conditions [29][30][31] Market and Industry - Transportation accounts for 29% of all emissions in the US, making it the largest sector of emissions [3] - Remora targets the long-haul trucking and freight train industries, which are difficult to electrify [3] - The company aims to capture a billion tons of CO2 per year and sees potential in retrofitting generators, oil and gas production, container ships, cement plants, refineries, and natural gas turbines [33][34] Strategy and Operations - Remora chose to locate its headquarters outside of Detroit due to the high concentration of mechanical and electrical engineers [19] - The company emphasizes building a team of experts and iterating quickly through in-house manufacturing [12][22][23]

Core Points - Aduro Clean Technologies Inc. announced participation in the LD Micro Main Event XIX Conference in San Diego from October 19-21, 2025 [1] - The conference is a significant independent investment event, featuring presentations and networking opportunities for growth-stage businesses [2] - Aduro's management will hold one-on-one meetings with investors to discuss the company's strategy and technology development [3] Company Overview - Aduro Clean Technologies specializes in patented water-based technologies for recycling waste plastics and converting heavy crude into lighter oil [4] - The company's Hydrochemolytic™ Technology utilizes water as a key agent, operating at low temperatures and costs, transforming low-value feedstocks into valuable resources for the 21st century [4]

Core Insights - Beam Global has been granted a new patent for its Intelligent Battery Thermal Management (iBTM) system, which allows for fast charging of lithium-ion batteries in extreme cold conditions [1][2] - The patented technology integrates a heating element with proprietary Phase Change Composite (PCC™) material to regulate battery temperature, enhancing performance and lifecycle [2][4] - The CEO of Beam Global emphasized that this innovation increases the company's value and creates barriers for competitors, while expanding the applications for energy storage solutions [3] Technology Overview - The iBTM system dynamically manages charging rates and monitors battery health, preventing degradation reactions during fast charging at low temperatures [3][4] - Early simulations showed a temperature increase of 10°C in under three minutes, enabling safe rapid charging in extreme cold [3] - The technology enhances safety, extends cycle life, and provides a scalable solution for various applications, including electric mobility and energy storage [4] Company Background - Beam Global is a clean technology innovator focused on sustainable infrastructure products and technologies, operating in the U.S., Europe, and the Middle East [5] - The company develops and manufactures solutions that power transportation, provide secure electricity sources, and enable smart city services [5] - Beam Global is listed on Nasdaq under the symbol BEEM and is headquartered in San Diego, California [5]