Calix (CXL) brings on ESG investor
CXL +39.69%: Our most recent purchase in the Emerging Companies Portfolio crashed through all-time highs today after selling a portion of a subsidiary to a US ESG investment firm. A 7% stake in the LEILAC Group was sold to Carbon Direct Capital management for $24.5m. LEILAC is focused on using Calix technology in the production of lime and cement, helping capture CO2 emissions and allowing renewable energy in the process. While small in terms of dollar figures, it justifies the technology and now has a connected backer helping to commercialize the product.
MM is long and bullish CXL
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