Clean Tech Selling More Stock Than Ever Amid Biden Climate Push - Bloomberg

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A worker installs solar panel at the Connexus Energy Athens Township solar-plus-storage project site in Athens Township, Minnesota, U.S., on Wednesday, Sept. 5, 2018. Connexus Energy Athens Township project integrates large scale battery storage with a solar array to manage peak demand and is the first commercial-battery deployment in Minnesota.

Photographer: Ari Lindquist/Bloomberg

Clean-energy companies are raising record amounts of cash through stock offerings in what could be their biggest funding opportunity ever as U.S. President Joe Biden moves to implement his climate agenda.

Shoals Technologies Group Inc., Plug Power Inc., Gevo Inc. are among those that have taken advantage of Wall Street’s appetite for all things renewable to raise $4.4 billion in stock offerings in January, setting a monthly record, according to data compiled by Bloomberg. It’s the third consecutive monthly record after solar, hydrogen and other clean-tech companies raised $1.76 billion in December and $1.15 billion in November.

Cashing In

Clean energy has already raised $4.4 billion in stock offerings this year

Source: Bloomberg data

The flood of stock offerings comes as Biden pushes to fully green the country’s electrical grids by 2035 -- and as investors seek out companies that meet their ESG benchmarks. These trends have sent share prices of clean-energy companies soaring, and now they’re cashing in.

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“This is not a window that’s going to close and then we’re back to business as normal,” said Joe Osha, an analyst at JMP Securities. “You’re seeing some big, big fundamental shifts in how equity markets allocate capital.”

Also Read: Sustainable Bond Issuance Boom Draws Fuel From Biden’s ESG Push

There have been several issuances recently. Shoals, a maker of solar-power components, and as selling shareholder this week raised $1.9 billion in an upsized initial public offering, pricing the shares above a marketed range. Plug Power, which has seen its stock nearly quadruple since Election Day, announced Tuesday it was selling $1.5 billion in shares.

Biofuel maker Gevo, meanwhile, said last week it sold $350 million in stock. And ReneSola Ltd., a solar developer, has announced two offerings.

Also See: Bloomberg Intelligence’s Environmental, Social, and Corporate Governance Dashboard

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Clean Tech Selling More Stock Than Ever Amid Biden Climate Push - Bloomberg
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