What happened to Calix (CXL) shares today?
CXL -18.98%: the green industrial solutions business was smacked today after it was notified two separate grants announced by the Morison Government had been pulled by the new Labor Government. In May, Calix were granted $11m to a carbon capture project with AdBri (ABC), and a $30m grant for a project with Boral (BLD) both for carbon capture technology in production. While the new government certainly has a more significant emissions focus, it seems carbon capture has fallen by the wayside. In any case, AdBri has confirmed it plans to push on with the project, with or without the grant, but Boral is yet to update Calix on its plans. While disappointing, today’s share price reaction was overdone, likely on the back of volume coming out of recent sellers. We are eligible for the SPP which closes on November 10.
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