Over the last few days, the Biden Administration announced new actions to reduce greenhouse gas emissions from the industrial sector, which includes the production of steel, aluminum, chemicals, and concrete, which contributes to nearly a quarter of U.S. emissions. All of which is great news for companies, such as Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF). That’s because cement emissions have grown faster than most other carbon sources, says Rob Jackson, a climate scientist at Stanford University who leads the Global Carbon Project, as quoted by the Associated Press. In addition, as noted by Inside Climate News, “Last year, California became the first state in the nation to require mandatory emissions reductions from cement manufacturing. Under that new law, the carbon emissions per ton of cement produced in the state must be cut by 40 percent below 2019 levels by 2035. New York also passed a law in 2021, albeit a much narrower one. Under New York’s legislation, the state is required to set an emissions standard for concrete used in public works.”
Also, as the world fights climate change issues, some of the other top cleantech stocks to keep on radar include Sunrun (NASDAQ: RUN), Plug Power (NASDAQ: PLUG), First Solar (NASDAQ: FSLR), and Clean Energy Fuels (NASDAQ: CLNE).
Look at Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF), For Example
Progressive Planet announced the signing of a non-binding MOU on March 13, 2023, with Lafarge Canada Inc., Canada’s largest cement producer, to explore a CleanTech solution expected to decrease the carbon footprint of cement.
Under the MOU, Lafarge and Progressive Planet will explore an agreement that will see Lafarge purchase all the PozGlass produced by Progressive Planet’s pilot plant, based in Kamloops, BC. The pilot plant is expected to begin construction in 2023 and be operational in 2024. Lafarge will test the commercial possibilities of PozGlass™ 100G, the Progressive Planet innovation made of 100 per cent recycled consumer glass. It is designed to replace many of the carbon-intensive ingredients used in cement.
In addition, Lafarge will be Progressive Planet’s exclusive cement industry partner in testing and implementing PozGlass into cement products. Both companies will also identify opportunities to expand the PozGlass technology.
“Lafarge is at the forefront of green building solutions and the potential addition of PozGlass to reduce the global warming potential of cement is very promising,” says Brad Kohl, President and CEO of Lafarge Western Canada. “We are excited to provide technical guidance and support to Progressive Planet as they move through design, construction and operation of their Pilot Plant to show PozGlass can meet industry performance expectations and be produced at industrial scale.”
On March 9, 2023, Progressive Planet announced it is building a 12-tonne per day pilot plant to produce PozGlass and sequester emissions generated from its Kamloops operations. The value proposition to the environment is that replacing a percentage of Portland cement with equivalent amounts of PozGlass reduces the carbon footprint of cement. Progressive Planet has hired Brightspot Climate Inc., a leading Canadian greenhouse gas emissions consulting firm, to measure the carbon footprint of PozGlass using data gathered from the pilot plant.
“We are delighted Lafarge, our partner of choice and a global leader in sustainable construction, will be working with us to help prove the effectiveness of PozGlass,” said Progressive Planet CEO Steve Harpur. “Our strategy is focused on product development and licensing of our solutions, and there is no better partner to work with than Lafarge to take this to commercial markets and help the world fight climate change and get to a Net Zero future.”
Other related developments from around the markets include:
Sunrun, the nation’s leading provider of residential solar, storage and energy services, announced financial results for the fourth quarter and full year ended December 31, 2022. “Sunrun is poised to gain market share and help lead the country towards a clean energy future. Our focus on becoming faster, better and stronger continues to deliver tremendous value to our customers and shareholders. Our team is operating at record-levels of efficiency in Q4 while also breaking records with robust early-funnel sales growth in January,” said Mary Powell, Sunrun’s Chief Executive Officer. “Sunrun is particularly well positioned in the current economic environment, where our subscription model is advantaged. Our immense operating scale and customer reach, along with our strengths being the leader in storage solution procurement, complex system design expertise, and advanced installation capabilities, are driving considerable differentiation in the marketplace, both as the platform company attracting the best sales talent and our ability to offer the best value to customers. I am confident 2023 will be a break-out year for Sunrun as we extend our market-leading position.”
Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced the historic flight of a regional airliner powered by the company’s line of ProGen fuel cells. Led by Universal Hydrogen, the hydrogen fuel cell-powered flying testbed took off at 8:30 a.m. for 15 minutes at Grant County International Airport in Washington state. Reaching an altitude of 3,500 feet MSL, the flight marked a significant milestone for both companies that partnered to make hydrogen-powered aviation a reality. The 40-passenger airplane’s powertrain is built with Plug’s ProGen that have been adapted for aviation use. Plug's ProGen fuel cells support light, medium and heavy-duty electric vehicles in asset-intensive applications. They have proven to be ideal because they allow fleets to achieve greater range. Fuel cells are also free of carbon emissions, and weigh and cost less than batteries.
First Solar announced financial results for the fourth quarter and year ended December 31, 2022. Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter. The Company reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41. “We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities,” said Mark Widmar, CEO of First Solar. “This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product.”
Clean Energy Fuels announced its operating results for the fourth quarter of 2022 and year ended December 31, 2022. Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “We finished the year with another strong quarter of RNG deliveries with a 21% increase from the fourth quarter of 2021. We continue to execute on our growth plans around RNG supply and the build out of new stations to accommodate Amazon and other fleets. We addressed our near-term capital needs with a $150 million debt raise to support RNG growth and bridge us well into 2023 when our dairy projects and volumes at new stations are anticipated to add to our cash flow profile. Despite some formidable head winds around lower environmental credits prices and a spike in California natural gas prices during the fourth quarter we finished the year with solid financial results and a well-funded balance sheet.”
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