In the past week, the Nordic impact stocks declined 0.1% on average. Powercell Sweden, a developer of fuel cell systems, received one of the world’s largest orders for fuel cell systems for ships totaling MSEK 165. On the surface, the impact sectors remained steady. However, under the surface, big changes were happening especially with the land-based fish farming stocks.

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.

A week of low volatility on a sector level

Following weeks with high volatility, there was no general movement in any of the impact sectors last week. However, it should be noted that there were significant movements within every sector. For instance, in the Power2X & Fuel Cells sector, Powercell Sweden increased by 34% while Teco 2030 declined by 21% pulling the sector in two different directions. The same thing happened in the Food & Beverage sector, where Fifax and Kingfish increased by 7-13%, while Atlantic Sapphire and Proximar Seafood declined by 9-39% although all four companies are working with land-based fish farming. Therefore, the sector movements were not as steady as they might seem on the surface.

The average return of impact stocks in the past week was -0.1%. All sectors continue to be down year-to-date and last twelve months; thus, they are underperforming relative to most of the global indexes that have risen. Especially the Energy Production Equipment & Services have faced a tough year being down 40% in the last twelve months. Keep in mind that many of the impact stocks are small caps, which have generally underperformed relative to large caps year-to-date.

Overview of the performance of each sector the past week

Top 10 impact stocks of the week

Powercell Sweden AB (34%) is active in fuel cell production. The technology is patented with cutting-edge technology and the modular system of fuel cell platforms is powered by produced hydrogen with electricity, heat, and water as emissions. The fuel cells are also designed to handle hydrogen from biogas, natural gas, or biodiesel. The share price rose after one of the world’s largest orders for fuel cell systems for ships totaling MSEK 165 from an Italian ship OEM.

Windon Energy Group AB (31%) is a supplier of solar cell systems and offers complete systems consisting of solar panels, inverters, and mounting systems to installers who sell the products to customers. The products are also offered to property owners, developers of solar parks, and industrial companies.

EcoRub AB (17%) is a greentech company that produces recycled rubber and plastic material for injection molding, extrusion, and calendering. The company’s recycled materials are developed and produced with material properties that include materials with the elasticity of rubber to the stiffness of hard plastics.

The average return for the top 10 impact stocks last week was 16.5% compared to 53.2% in the week before last week.

The 10 best-performing stocks in the past week

TOP 10 IMPACT STOCKS OF THE YEAR

Volue continues to be the best-performing stock year-to-date with a 96% return. Thus, no stock has delivered a 100% return. It might change next week with Volue being close to a 100% return and stocks outside of the top 10 with massive one-week returns that can change the top 10 list. The top 10 list usually stays consistent and last week was no exception. The companies shuffled around but the 10 companies remained the same.

The current average return of the top 10 stocks year-to-date is 46.8%.

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

All sectors 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, Scandinavian Enviro Systems, Tomra Systems, EcoUp, and Bioextrax have +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. Year-to-date, 8 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, Volue is by far the best performer. It is remarkable how many that all stocks except for two in the sector have delivered a negative return.

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 +30% 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 and Enersize as the only stocks 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 5 stocks. Donkey Republic is the best performer in 2024 followed by Havila Kystruten AS although Havila has not delivered a positive return.

Mobility YTD