The weakest position in the Emerging Companies Portfolio is environmental technology company, Calix, which is working hard on industrial decarbonisation and sustainability projects to improve the environmental impact of manufacturing essential industrial items like bricks. This was previously a high flyer; however, persistent cash burn has been a problem and continues to be.
- While FY24 revenue increased 30% to $24.2m, that was below expectations, and they reported a larger than expected loss for the year of $26.2m, up on last year’s $23.4m.
That aside, and acknowledging we’re down substantially on our position, we do believe in what the company is doing and applaud their innovation and progress over the period;
- New hydration facilities in Wisconsin and Texas, boosting production capacity,
- Joint Venture (JV) agreement between Leilac and Heidelberg Materials for the construction, operation and future ownership of the Leilac-2 plant2, along with the successful relocation of the Leilac-2 project to Heidelberg Materials’ cement plant in Ennigerloh, Germany.
- A global licence and collaboration agreement between Leilac and leading U.S. Direct Air Capture (DAC) company, Heirloom for the exclusive and global use of Leilac’s technology by Heirloom.
- The commencement of the construction of their sustainable lithium demonstration plant in JV with Pilbara Minerals, following a successful Final Investment Decision (FID) and detailed design engineering.
- Completion of pilot scale testing for Zero Emissions Steel Technology (ZESTY), with green iron produced from multiple ores, and creation of the first green iron briquettes from ZESTY green iron…and the list goes on.
Things are happening, and there may be a time we’ll average into this position, but for now, we’re simply holding our small weighting.
MM is neutral CXL, awaiting further commercial progress
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