The Nordic impact stocks enjoyed a week of mixed performance as Energy Production & Storage rose 5%, while the Mobility sector declined 6%. The whole industry seems quite volatile as companies like Havila Kystruten and Waste Plastic Upcycling declined 17-30% during the week without any news. Stocks in special situations have generated the greatest returns this year with Volue and Everfuel in the top due to acquisitions, and last week was no exception with TECO 2030 up 38% after filing for bankruptcy!

NORDIC | IMPACT Helps you to invest more sustainably in the businesses of tomorrow. We track the development of more than 100 Nordic impact companies within multiple impact sectors from small to large cap.

Mixed performance on an industry level for the Nordic impact sectors

The Energy Production & Storage sector rose 5% with Aega rising 113%, Cloudberry 8%, and Magnora 5%. The sector is the best-performing sector year-to-date although it is still down 12%. Energy Production Equipment & Services, the more product-oriented energy sector, rose 2%. However, the Mobility sector declined 6% with Havila Kystruten down 17%, and the Waste Management sector declined 4% with WPU down 30%. Neither Havila Kystruten nor WPU announced any news that can explain their declines.

The average return of impact stocks in the past week was -0.1%. Every sector has delivered negative returns over both the last twelve months and year-to-date. However, Energy Production & Storage and Food & Beverage have done significantly better than the rest of the sectors, with -12% to -17% returns.

The impact sectors the past week, year-to-date, and last twelve months

Top 10 impact stocks of the week

AEGA (113%) is a Norwegian solar energy company that used to operate solar power parks mainly of a smaller nature. However, following a special dividend in September, the company no longer owns and solar parks, although they are still involved in managing and operating solar parks. The stock doubled after a letter of intent was agreed with its largest shareholder, where Selaco will make resources available for the management of the company’s financial assets. However, it is contingent on approvals, and further information on the specific details will be presented.

TECO 2030 (37,5%) has filed for bankruptcy. The company has worked with developing zero-emission technology and PEM hydrogen fuel cell systems that enable ships and other industrial applications to become emission-free.

REC Silicon (26%) is a global supplier of advanced silicon material. The company supplies polysilicon and silicone gases for the solar and electronics industry. Manufacturing is mainly concentrated in North America, where the company has the majority of their production facilities.

The average return for the top 10 stocks in the past week was 29%.

The 10 best-performing stocks in the past week

TOP 10 impact stocks of the year

In the past week, only one change was made to the top 10 list. Circhem moved in, while Fifax moved out. The top 10 list has stayed quite consistent over the past few months with only 1-2 minor changes a week. Everfuel continues to be the best-performing stock year-to-date with a 63% return although Midsummer is getting closer at 58%. Everfuel is, however, about to be acquired by Swiss Life Asset Management at NOK 13 a share, and the stock is trading around NOK 12.92. Furthermore, Volue has been delisted after an almost 100% return year-to-date, thus it does not appear in the top 10 list. 9 stocks have returned over 20% YTD, and time will tell if some of them deliver a 2x return at the end of the year.

The current average return of the top 10 stocks year-to-date is 39.6%. Including Volue, the return is 47%. Volue was removed from the top 10 list as it is no longer tradeable, but it did deliver an almost 100% return.

The return for the top 10 impact stocks year-to-date

Waste Management

The waste management sector, characterized by its essential and non-cyclical nature, should present a stable investment opportunity with long-term potential, driven by increasing environmental awareness, regulatory demands, and the growing need for efficient waste disposal and recycling solutions. Despite this, the majority of the stocks have performed negatively this year. Agilyx, Tomra Systems, and Circhem have delivered +20% returns year-to-date.

Waste Management – YTD

Energy Production & Storage

The Energy Production and Storage sector offers substantial investment opportunities, as it stands at the forefront of the transition towards renewable energy sources, driven by climate concerns and technological advancements. However, Year-to-date, only 6 stocks have delivered a positive return.

Energy Production & Storage – YTD

Energy Production Equipment & Services

The Energy Production Equipment & Services provides technical equipment and machines to other energy-producing companies such as Ørsted. The sector is to some extent influenced by oil and gas price fluctuations and industry trends. Year-to-date, Midsummer and BPC Instruments are the only stocks with positive performances. Note that Volue has been delisted, and thus it does not appear in the list.

Energy Production Equipment & Services – YTD

Power2X & Fuel Cells

The Power-to-X and Fuel Cells sector offers exciting investment opportunities in the evolving landscape of clean and sustainable energy technologies, but investors should also be mindful of the evolving regulatory and competitive landscape in this rapidly advancing field. Everfuel is the only stock with a positive impact on the sector’s performance year-to-date.

Power2X & Fuel Cells – YTD

Food & Beverages

The food and beverages sector is heavily driven by consumer demand and having strong brands is a major advantage. Investors should consider factors such as changing consumer preferences, health and sustainability trends, and global supply chain dynamics to identify promising opportunities. Year-to-date, 3 stocks have delivered a +20% return.

Food & Beverages – YTD

CO2 & Carbon Capture

The CO2 and Carbon Capture sector presents compelling investment opportunities for companies capturing and removing carbon dioxide from the atmosphere. It is a small sector comprising only 6 stocks, with ChromoGenics as the only stock with a positive return year-to-date.

CO2 & Carbon Capture sector YTD

Mobility

The mobility sector includes among others ride-sharing platforms and the development of electric vehicles to lower emissions and costs for consumers while increasing flexibility. Mobility is the smallest sector we track totaling only 5 stocks. Donkey Republic is the best performer in 2024 and the only company in the sector with a positive return at 16%.

Mobility YTD