The Energy Report - Thu, Mar 16, 2017

Canaccord Genuity Releases Sustainability and Special Situations Watch List

Canaccord Genuity has released the second edition of its Sustainability and Special Situations Watch List, featuring five companies in the sustainability sector.

Solar panels

Analyst Raveel Afzaal of Canaccord Genuity profiles five companies that he believes should be on investors' radar.

The first company is Pioneering Technology Corp. (PTE:TSX.V), which designs and produces fire prevention products. Its SmartBurner helps prevent cooking fires, the number one cause of fires in the home. "Smart burners incorporate thermostats to regulate the temperature of the burners within a safe range. In 2016, it expanded its multi-residential sales channels to strengthen its first-mover advantage in this market and realized EBITDA of $1.7M (up143% Y/Y). Management expects continued strong revenue growth of ~50% in 2017," writes Afzaal.

UGE International Ltd. (UGE:TSX; UGEIF:OTC) is also profiled on the Watch List. The firm offers cheaper solar energy with no upfront costs to commercial customers. "UGE prereleased Q4/16 revenues of US$3.5M compared to cumulative revenues of US$2.5M over prior four quarters as it digested the acquisition of Endura (an EPC [Engineering, Procurement & Construction] firm). With integration complete, UGE is forecasting sharp revenue growth in 2017 based on its 12 to 18 months contracted backlog of US$35M," comments Afzaal.

Ecosynthetix Inc. (ECO:TSX) made the Watch List for the second time. The company uses a bio-based polymer to replace formaldehyde in wood composites. The EPA has finalized a regulation to limit formaldehyde in wood products. Afzaal writes that EcoSynthetix is in "advanced stage industrial trials with more than five of the industry's largest wood panel manufacturers in a fragmented market. It aims to secure 7 to 10 commercial contracts in 2017 which represents potential annual revenues of ~US$20M."

Electrovaya (EFL:TSX) is also on the list for the second time. In 2015, the company acquired a German lithium-ion battery plant. Afzaal comments that in 2016, Electrovaya announced "MSAs and MoUs worth over $450M with several companies in a wide variety of industries in addition to launching its own lithium-ion battery for the forklift after-market. However, the company has not yet provided visibility on timing and magnitude of commercial purchase orders on the back of these announcements."

Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) rounds out the companies on Canaccord's list. The firm designs and manufactures high performance power controls for residential and commercial energy storage systems. Afzaal noted that "permitting issues which depressed the sale of its systems in Hawaii in 2016 have been mostly resolved and [the company] expects a ramp-up in sales to this market in H1/17. Furthermore, it expects commercial volume orders from Australia in H1/17 as well. However, a partnership with a German OEM where EGT was expecting commercial orders in H2/16 remains in development stage."

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1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
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