SHORE CAPITAL - Velocys+ (VLS) - House Stock at 3.8p - Financial adviser appointed for reference projects

Velocys - Update Shows Progress

The business update from Velocys summarises a period of achievement for the company with key building blocks put in place and sees the company moving forward with its reference projects in the US and UK. It follows yesterday’s announcement of a tie up with engineering major Bechtel. We think this adds credibility to the project development phases and we see it as helping to de-risk the near-term outlook.

SHORE CAPITAL - Velocys+ (VLS, House Stock at 4.4p)

Velocys - Tie Up With Bechtel

Velocys has announced an important tie up with engineering major Bechtel which will see the companies collaborate on EPC for the important reference projects in the US and UK as well as the e-Alto project. This name alone adds credibility to the project development phases and we see it as helping to de-risk these.

Where Clean Energy Develops In 2023

We see three key sectors of the clean energy universe as making progress in 2023. Carbon capture and storage (CCS) will benefit from US tax incentives, long duration energy storage will benefit from volatile pricing and higher lithium prices and hydrogen has the potential to recover from demand uncertainty driven by a rather polarised debate on its uses. The markets will be challenging but the strengths of the opportunity remain strong.

SHORE CAPITAL - Share & share alike

Velocys - A Rising Tide Raises All Boats

The successful operation of a gasification project using the same technology as Velocys will use for its reference projects represents a de-risking in our view. Gasification is beginning to recover from a difficult history, and we see Velocys as being one of the companies that can benefit from the maturing of this technology.

LSE AIM - Market Screener

 The market capitalization of AIM stocks declines 1.3% to £99.0bn from the 6th to the 15th of December. Among the top winners for the previous five trading days, there were Bonhill Group (+39.1% on an acquisition offer for the part of the business), Oriole Resources (34.8% on first-ever JORC report), Rua Life Sciences (33.3% on smaller reported loss), Blackbird (29.8% on partnership news), Billington Holdings (28.9% on trading update). Among the bottom movers were Parsley Box (-68.7% on propose

LSE AIM - Market Screener

We launch our Market Screener, which will be focusing on LSE AIM companies. We plan to reflect on the drivers behind the performance of relatively scarcely covered stocks. AIM has 835 officially listed stocks with an aggregate market capitalization of £100.2bn as of 6 Dec 2022. Around 58% of AIM stocks have a market capitalization below £50mn, including 32% of all stocks below £15mn MktCap. The largest industries represented on AIM are Industrials (19% in cumulative market cap), Healthcare (15%)

Hybridan Small Cap Feast 12/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company, is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resou

Velocys - Altalto Wins Major Funding Support

Significant grant funding for the Altalto project represents a major de-risking in our view and allows Velocys to move this project ahead through FEED towards final investment decision. The timing works with the existing timetable and additional Power-to-X funding for Velocys opens up additional optionality for the company.

SHORE CAPITAL - Velocys+ (VLS, House Stock at 4.4p)

Where There's Muck - Bioenergy

Energy from biomass or waste can be genuinely low carbon and sustainable, representing a major tool in the decarbonisation toolbox. The ability to add carbon capture technology creates an immediately available negative emissions solution and adding liquid fuels allows the decarbonisation of sectors previously seen as challenging. Demand for all these solutions is likely to grow as decarbonisation and energy security become essential requirements in the energy mix.

Velocys - Bayou to Deliver Major Emissions Cut

Velocys has re-optimised its Bayou project to deliver a negative emissions potential with a carbon intensity of -375g CO2e/MJ. This is a major carbon reduction figure and means that the project can now be considered as a significant carbon dioxide removal technology. The UN Intergovernmental Panel on Climate Change now sees carbon dioxide removal as unavoidable with bioenergy-based solutions such as this the key solution.

SHORE CAPITAL - Velocys+ (VLS, House Stock at 5p)

Hybridan Small Cap Feast - 21 Feb 23

21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

LIBERUM: Yü Group* - Strong momentum and cash flow

LIBERUM: Luceco* - Margin momentum coming into view

LIBERUM: Costain Group* - Free cash more than 50% market cap

Revised forecasts

Invinity Energy Systems - First Sale In Hungary

Invinity has followed the Hungarian reseller agreement announced on 10 March with a first sale of VS3 flow batteries for an EU funded solar plus storage project in the country. This is in line with the company’s other recent reseller agreements providing strategic access to new energy storage markets. We think it is good to see Invinity securing battery sales at the outset of new reseller agreements as this provides further confirmation of the company’s growing commercial momentum in our view.

LIBERUM: SigmaRoc* - Critical mass demonstrated

Judges Scientific FY Results – Outstanding results, Steady organic, M&A delivers in spades

Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27

LIBERUM: Judges Scientific* - FY22 ahead of expectations

Supreme plc: disposal of T-Juice intellectual property

Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand. Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme

Hardide Update

The AGM statement reiterated the ‘cautious optimism’ that underpinned the group’s recent annual report (covered in our 9 February update). HDD is experiencing growth across all of its key markets; aerospace, energy and industrial products. First half revenues to end March 2023 are expected to come in around 7% ahead y-o-y. That will be sufficient to deliver forecast EBITDA breakeven in FY23 despite deferral of a c. £0.3m order into H1 FY24. That outcome underlines the success of initiatives to

LIBERUM: SThree* - Resilient Q1

SHORE CAPITAL - Judges Scientific+ (JDG, House Stock at 8,920p)

SP Angel Spec Sits: (YUG) Stellar 2022 Results + New Dividend Policy

YUG announced its full year 2022 financial results, which exceeded recently revised market expectations.

Hybridan Small Cap Feast - 21 Mar 23

21 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv