INDUSTRY REPORT

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Shawn Severson

President & Co-Founder

sustainableinvesting@watertowerresearch.com

Graham Mattison

Senior Research Analyst

graham.mattison@watertowerresearch.com

Previous Research

EVmo, Inc. (YAYO)

• 2Q Results: Company Remains on Track to Reach Its Growth and Profitability Goals

Capstone Green Energy Corp. (CGRN)

• 1Q23 Results: Revenue Up 16% Y/Y, Gross Margin Improves 9.7% Y/Y; Focus on Key FY23 Objectives

Polar Power, Inc. (POLA)

• 2Q22 Results: Revenue Down 11.8% Y/Y; Gross Margins Improve 4.8% Y/Y; Overseas Interest Rises

Crown Electrokinetics Corp. (CRKN)

• 2Q22 Results: Net Loss Decreased By $0.9 Million; First-Gen Product Delayed; Achieved a Key Milestone by Registering First Purchase Order

SES AI Corp. (SES)

• 2Q22 Results: Operating Loss at $19.1 Million; 2022 Financial Outlook Remains Unchanged; Progress of SES Korea Facility on Track to Support JDA Partners
• New AI-Powered Battery Software to Generate Recurring Revenue; CEO Discusses 2022 Key Milestones

Electrovaya, Inc. (EFLVF)

• 3Q22 Results: Revenue Jumps 124.5% Y/Y; Gross Margin Declines by 12.1% Y/Y; Production Ramped Up to Satisfy Growing Demand

Gevo, Inc. (GEVO)

• 2Q22 Results: SAF Sales Agreements Worth $2.1 Billion Signed with Multiple Airlines; Company Strengthens Balance Sheet with Equity Finance

Aspen Aerogels, Inc. (ASPN)

• 2Q22 Results: Revenue Jumps 44.1% Y/Y with Growing PyroThin Demand; Net Loss Widens to $24.1 Million

INDEX STATISTICS

WTR Index—Relative Performance

Source: Thomson Reuters

Key WTR Index Statistics

Source: WTR

Sector Market Cap Summary (%)

Source: WTR

ABOUT THE WTR INDEX

The WTR Sustainable Investing Index is built on 190 companies in three primary segments with multiple sub-sectors: (1) Energy Technology (including Power Generation, Hydrogen & Fuel Cell, Energy Storage, Technology Solutions and Battery Materials); (2) Advanced Transportation Solutions (Electric Vehicles, EV Charging, Clean Fuel Technologies, Advanced Fuel & Chemicals and Transportation Solutions); and (3) Industrial Climate and Ag Tech (Smart Buildings, Emissions Control, Climate & Environmental, ClimateTech Infrastructure and Ag-Tech and Bio-Ag). The index monitors share price performance, valuation metrics, and consensus estimates. Our weekly report also covers industry activity and news flow.

Previous Research

EVmo, Inc. (YAYO)
• 2Q Results: Company Remains on Track to Reach Its Growth and Profitability Goals

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