Market Research Survey Finds Over 60% Positive Purchase Intent For Else Product
Fills A Market Gap In Plant-Based Toddler Nutrition (12-36 months)
Subsidiary Of Billion Dollar Hong Kong Listed Conglomerate (H&H) Owns Approx 11.15% Of BABY
H&H Shares Have Voluntary 12-Month Hold
H&H Right To Maintain 11.15% Ownership Through Future Financings
Patented World’s First 100% Plant Based, Non-Dairy, Non-Soy Baby Formula
Here’s What The Experts Say
“Finally a high quality, nutritionally-dense, tasty, plant-based alternative that is low in sugar. Else is filling a much needed gap, and providing an alternative for those looking to avoid dairy or soy, and a viable option for intolerances and other diet considerations.”
Nicole Silber, RD, CSP, CLC
Dairy-free, soy-free, plant-based nutrition for babies and toddlers
Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan.
Market Research Survey Finds Over 60% Positive Purchase Intent For Else Product
Fills A Market Gap In Plant-Based Toddler Nutrition (12-36 months)
Subsidiary Of Billion Dollar Hong Kong Listed Conglomerate (H&H) Owns Approx 11.15% Of BABY
H&H Shares Have Voluntary 12-Month Hold
H&H Right To Maintain 11.15% Ownership Through Future Financings
Patented World’s First 100% Plant Based, Non-Dairy, Non-Soy Baby Formula
Here’s What The Experts Say
“Finally a high quality, nutritionally-dense, tasty, plant-based alternative that is low in sugar. Else is filling a much needed gap, and providing an alternative for those looking to avoid dairy or soy, and a viable option for intolerances and other diet considerations.”
Nicole Silber, RD, CSP, CLC
Dairy-free, soy-free, plant-based nutrition for babies and toddlers
Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan.
Posted by AGORACOM-JC
at 8:24 AM on Monday, April 20th, 2020
Announced that the Company has expanded its intellectual property (IP) portfolio to India and Canada
Received a formal grant from the Indian Patent office for its patent application 640/CHENP/2015, and a notice of allowance from the Canadian Intellectual Property Office for its patent application 2898980, for its proprietary, clean, plant-based formulation for infant and toddler populations
VANCOUVER, BRITISH COLUMBIA / April 20, 2020 / ELSE NUTRITION HOLDINGS INC.(TSXV:BABY)(OTCQB:BABYF) (“Else” or the “Company“), a developer of novel plant-based infant and toddler nutrition, is pleased to announce that the Company has expanded its intellectual property (IP) portfolio to India and Canada.
The Company has received a formal grant from the Indian Patent office for its patent application 640/CHENP/2015, and a notice of allowance from the Canadian Intellectual Property Office for its patent application 2898980, for its proprietary, clean, plant-based formulation for infant and toddler populations.
“These are highly encouraging developments in key growth markets as we aim to extend our global reach and impact,” stated Ms. Hamutal Yitzhak, Else Nutrition CEO & Co-Founder. She added, “We continue to hear from parents across all geographies that our clean, plant-based infant and toddler formulations can provide a viable alternative for parents seeking an alternative to formulas which contain cow’s milk protein or soy protein.”
Additionally, since March 11, 2020, the Company has engaged AGORACOM for investor awareness, marketing and branding services (the “Advertising Services“). As consideration for the Advertising Services, Else will issue an aggregate of $60,000 plus applicable taxes in the form of common shares of Else (the “Shares“). The Shares are payable in five equal installments during a period from April 2020 until March 2021 for a total term of one-year, as further provided in the online marketing agreement between the Company and AGORACOM. The number of Shares to be issued each time an installment is due will be determined by using the closing price of the Shares of Else on the last trading day following each period for which the Advertising Services were provided. In accordance with Policy 4.3 – Shares for Debt, each Share issuance installment is subject to approval from the TSX Venture Exchange. The number and amount of each issuance will be disclosed by way of a press release when such Shares are issued.
About Else Nutrition Holdings Inc.
Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan. The holding company, Else Nutrition Holdings Inc, is a publicly-traded company, listed as TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QB board under the trading symbol BABYF. Else’s Executive and Advisory Board includes leaders hailing from Abbott Nutrition, Mead Johnson, Boston Children’s Hospital, ESPHGAN (European Society for Pediatric Gastroenterology, Hepatology and Nutrition). Plum Organics, Tel Aviv University’s Sackler Faculty of Medicine, and Gastroenterology & Nutrition Institute of RAMBAM Medical Center.
For more information, contact:
Ms. Hamutal Yitzhak, CEO, Co-Founder & Director Else Nutrition Holdings Inc. E: [email protected]
Mr. Sokhie Puar, Director of Else Nutrition Holdings Inc. Telephone: 604-603-7787 Email: [email protected]
TSX Venture Exchange
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “will”, “to be”, “intend” or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Company’s expected go-to-market strategy (including marketing, proposed markets, sales, customer growth and market position) and the share issuances made to AGORACOM.
Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct.
Forward-looking statements made in this press release assume, among others, the successful completion of Else’s proposed scale-up for its products, and such statements are intended to apply only to the infant formula market for ages 12 months and above, and having all necessary regulatory approval as required by each target market.
Numerous risks and uncertainties could cause the Company’s actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: consumer demand for the Company’s products, whether the Company’s current and future products achieve commercialization, uncertainty regarding material changes in laws and regulations and the Company’s ability to expand into global markets.
In addition, the Company is subject to risks and uncertainties caused by the COVID-19 pandemic which has resulted in governments worldwide enacting emergency measures to combat the spread of the virus including travel bans, self-imposed quarantine periods and social distancing. The outbreak of COVID-19 can impact our operations in a number of ways including quarantined employees, travel restrictions, temporary closure of our office, as well as interruptions to our manufacturing and supply chains.
The foregoing list of factors is not exhaustive, and other risks and uncertainties not presently known, or believed to be material, to management and other factors that could affect the operations or financial results of the Company are set out in the Company’s Filing Statement dated May 14, 2019 under the heading “Risk Factors” and may be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Posted by AGORACOM-JC
at 3:41 PM on Monday, February 10th, 2020
Highlights
Lithium Processing: technology initiatives, patent formalization, battery recycling process and lithium metal manufacturing;
Pilot plant potentially de-risked through discussions with ready-built facilities;
Montreal, Montreal -Â February 10, 2020 – St-Georges Eco-Mining Corp. (CSE:SX)Â (CNSX:SX.CN)Â (OTC:SXOOF) (FSE:85G1)Â would like to update its shareholders on its on-going corporate developments.
In
the past six months, St-Georges has successfully executed its strategy
to strengthen and expand its focus on its green extraction metallurgical
processes development and re-center its exploration efforts on energy
metals in Quebec and Iceland. The team has also added a
Palladium-Rhodium project in Quebec and has advanced its Thor Gold
Project in Iceland to drill-ready status. Significant changes in the
Company operations, namely the sale of King of the North in September
and the spin-off of ZeU Crypto Networks Inc. in December, has allowed
the Company to free up resources that can now be allocated to the core
competencies of the Company.
Highlights
– Lithium Processing: technology initiatives, patent formalization, battery recycling process and lithium metal manufacturing;
– Pilot plant potentially de-risked through discussions with ready-built facilities;
– Hydro-Dam Project in Iceland advancing on its environmental permits;
– Status of Other Holdings.
Mineral Processing Research & Development
Lithium Processing Technology
Stage
I of the development of the Company’s lithium processing technology, in
collaboration with Iconic Minerals (TSX-V: ICM), was completed in the
first half of 2019 (See July 24, 2019 Press Release). Following the
delivery of the Stage I independent report to ICM, St-Georges has
accelerated the work and obtained results on many tasks that are part of
Stage II and Stage III of the planned development.
On-going testing has confirmed, so far, the portability of the process developed for sediments to hard rock sources of lithium.
The
Company is looking at opportunities to apply its technologies to other
advanced mining projects, in particular, ones that currently produce
spodumene concentrate, but have not yet decided to build an expensive
tech plant for refining. Potential adopters of the technology have been
identified, and discussions initiated. In addition, the Company is
looking at the potential to retrofit existing facilities. Management
will update the public on the status of these discussions when
materiality requires it.
St-Georges
filed the final documentation with the US Patent Office allowing its
patent application to move from its provisional status to the formal
patent application stage. The Company also filed a PCT application for
the same patent potentially giving it protection in an additional 152
countries. The final version of the patent application now allows for
the recovery of lithium from recycled batteries. St-Georges intends to
position itself as an ideal partner to provide strategic materials to
the battery industry, which includes recycling and recovery of the new
generation of batteries, including solid-state batteries. Additionally,
this patent application covers recycling as well as lithium metal and
alloys manufacturing.
Pilot Plant(s)
St-Georges’
management and the metallurgical team have worked on the design, the
sourcing of equipment, and the financial aspects of its proposed pilot
plant for the better part of the last six months. In an effort to lower
the risk of the proposal, the team has initiated discussions with
ready-built facilities with extra capacity. This could allow St-Georges
to build its pilot plant’s processing circuit faster with only minor
modifications to the ready-built facilities. Early estimates confirm
that capital expenditure should only be a fraction of the original
budgeted cost as the Company will be leasing the facilities long-term.
The Company expects to have secured an agreement for the pilot plant
facilities in Q2 2020.
Mineral Exploration
Julie Nickel Project
Following
last year’s fieldwork, the Company’s geological team and exploration
sub-contractors are planning additional drilling on the Julie Nickel
property. The exploration plan for the coming years will be presented to
the local stakeholders and First Nations in Q1, and the updated
permitting request should be filed by Q2 for work in early summer.
Additional bulk sampling should be performed to advance a nickel-iron
initiative by the Company’s metallurgical team.
Preliminary discussions are on-going with a ferronickel consortium planning a project in Quebec.
Manicouagan Palladium-Rhodium Project
Much
like the Julie Project, the Manicouagan Project has nickel and copper
that meets the conventional concentrates requirements based on the type
of sulphates it contains. Additionally, the recrystallized nature of
this region lends itself to higher recoveries of each crystal form and
better conversion.
The
presence of well-known high-grade Palladium-Rhodium-Ruthenium surface
showings (See January 27, 2020, Press Release), regardless of size,
allows St-Georges to significantly reduce its costs to acquire PGE
concentrate material for metallurgical bench testing of its processing
and refining metallurgical process for Palladium-Rhodium-Ruthenium.
St-Georges
exploration team is planning a pre-drilling surface campaign to obtain
permitting to intervene on-site in mid-summer. At the same time,
St-Georges’ management is having early-stage discussions with potential
farm-in or earn-in partners to advance the project at a faster pace.
Borealis EHF
The
hybrid decentralized and distributed ledger-driven derivative trading
platform is coming together at a good pace. Regulatory discussions are
now in control of the timeline for the delivery of the platform.
Islensk Vatnsorka Hf – Iceland Hydro-Electric Dam Project
Islensk
informed the Company that the permitting process is moving within the
expected timeline and according to expectations. The Company still
believes that the project will be fully permitted by the end of 2020.
Iceland Resources EHF/St-Georges Iceland ltd
On
August 21, 2019, the Icelandic authorities approved St-Georges’
previously disclosed work program for the coming year (See March 2, 2019
Press Release). The core projects have seen a fair share of exploration
work, while some secondary projects have been repeatedly delayed due to
extreme weather conditions in northern and eastern Iceland.
Work
on the Thor Gold Project has brought it to drill-ready status. Surface
rights and environmental conditions are no longer problematic, and the
Company has requested a legal opinion to confirm that it can drill on
the sole basis of its central government license.
The
Company did, however, take samples at Thor during the winter season
that are currently being analyzed. The Company is now preparing a bulk
sample program at Thor. The material will be sent to be processed in
Canada as soon as the weather allows it sometime in Q2.
The
Company is currently in discussions to acquire the balance of the
surface rights that escape its ownership on the project and is looking
to acquire the last portion equity own by a third party in the Thor Gold
Project.
Status of other holdings
The Company currently holds the following assets as of January 31, 2020.
Vilhjalmur Thor Vilhjalmsson, President and CEO of St-Georges, commented: “(…)
the last six months have been for the Company both challenging but
exciting. With the successful listing of ZeU Crypto Networks Inc., the
sale of KOTN, funding above market prices, and now faster-than-expected
progress in regards to the pilot plant, the team has shown its
capabilities to deliver.”
St-Georges
is developing new technologies to solve some of the most common
environmental problems in the mining industry. The Company controls
directly or indirectly, through rights of first refusal, all the active
mineral tenures in Iceland. It also explores for nickel-copper-cobalt
and Palladium-Palladium-Rhodium-Ruthenium on the Julie Nickel Project
& the Manicouagan Palladium-Rhodium Project on the Quebec’s North
Shore. Headquartered in Montreal, St-Georges’ stock is listed on the CSE
under the symbol SX, on the US OTC under the Symbol SXOOF and on the
Frankfurt Stock Exchange under the symbol 85G1.
The
Canadian Securities Exchange (CSE) has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this
release.
Posted by AGORACOM-JC
at 4:31 PM on Thursday, December 5th, 2019
ZeU Crypto Networks Inc., has filed a new provisional patent entitled “Method and System for Converting Database Applications into Blockchain Applications.”
The new IP provides a convenient method for combining traditional applications with blockchain technology.
Montreal – December 5, 2019 – St-Georges Eco-Mining Corp. (CNSX:SX.CN)(OTC:SXOOF) (FSE:85G1) is pleased to announce that its subsidiary, ZeU Crypto Networks Inc., has filed a new provisional patent entitled “Method and System for Converting Database Applications into Blockchain Applications.” The new IP provides a convenient method for combining traditional applications with blockchain technology.
This method does not require any
modifications to existing applications. On the database layer, we
directly ensure data in the database maintains synchronization with the
data in the blockchain. Traditional enterprise applications are
database-based applications, and all business services are built upon
relational or non-relational databases. A common problem in the process
of migrating from enterprise applications to blockchain applications is
that the overall structure of blockchain is very different from
traditional enterprise applications. Enterprise applications must be
significantly modified or even rewritten to fit the structure of
blockchain’s logic.
This patent provides a method and
system for converting database-based applications into blockchain-based
applications; multiple applications on different nodes can automatically
perform global data consensus to prevent data conflicts. The basic
method is to monitor the database written by applications, extract data
operations from transaction logs, convert the data operations to a
general format, and activate the smart contract on the blockchain to
complete the data consensus check at multiple nodes. Each node monitors
the blocks on blockchain and synchronizes the data back to the database.
In the case of conflicting or illegal data, the data is not able to
pass consensus and synchronize with the other nodes in the blockchain.
The local nodes automatically roll back when detecting invalid data.
Example 1: Electrical Certificate
In this case, when a record is
generated locally, and it needs to be retrieved later for confirmation,
such as legal documents, bank orders, etc. Traditionally a centralized
database has been used to store the data and validate the conflicts.
With the method in this patent, traditional database-based apps could be easily converted to a blockchain-based decentralized system and expanded to multiple organizations.
In a traditional environment, all
apps must be based on the same database to store and verify the data.
With the method in this patent, there is no need to modify the app code,
insert the BC-DB adapter layer between the database and the blockchain
in each node, and then select the fields in the database to
automatically synchronize to all other databases through the blockchain.
If there is a data conflict, the adapter resolves it. All the changes
from DB1 and DB3 are synchronized to DB2, and APP 2 could query all
confirmed data.
Example 2: Supply Chain
For supply chain scenarios, there
may be different participants, like part suppliers, manufacturers,
logistic companies, retailers, banks, etc. Product info data needs to be
shared between different organizations. Suppliers write records for
parts supplied to the manufacturer. Manufacturers write product
information and which parts were used for which product. Logistic
companies write details regarding product transportation. Retailers
write product sales information. The bank needs all the aforementioned
information to issue loans.
By adding an adapter beside each
database, the databases on different nodes could be synchronized and
achieve impressive results. The supply company knows the inventory of
the manufacturer. It thus could prepare parts in advance, thereby
shortening the lead-time. The logistic company could get the product
data even if it is still at the manufacturer, and can arrange vehicles
in advance. The manufacturer receives the retail data to help plan the
manufacturing cycle to better suit market needs. The bank could receive
all the data from the different nodes to detect potential fraud and
issue loans to participants.
St-Georges Eco-Mining Other Corporate Matters
Amended listing statement for ZeU
St-Georges subsidiary, ZeU Crypto
Networks Inc, has filed today an amended listing statement with the
Canadian Securities Exchange that takes into account the recent changes
in short-term debt ratios that were previously holding the process.
Management will keep its shareholders informed on the progress when
material information becomes available.
Missing & Incorrect Information from Latest Press Release
St-Georges would like to correct a
mistake include in the December 1, 2019 Press Release “Closing of First
Tranche of Financing.” Some versions of the press release were
disseminated with the wrong amount being raised. The total amount raised
is $500,100, while the erroneous release mentioned $501,100.
Additionally, one insider subscribing in the private placement was
omitted from the list. Enrico Di Cesare, a director and insider of the
company, subscribed to 300,000 units of the placement for a total of
$30,000.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
DIRECTOR & COO, ST-GEORGES ECO-MINING
PRESIDENT & CEO, ZEU CRYPTO NETWORKS.
The
Canadian Securities Exchange (CSE) has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this
release.
Copyright (c) 2019 TheNewswire – All rights reserved.
Posted by AGORACOM-JC
at 5:01 PM on Monday, November 25th, 2019
While Nanoscale Structure Silicon Powders improve Li-ion battery
performance, high performance Silicon anodes are not presently
commercially feasible due to high manufacturing costs. Specifically,
two major issues have been identified as major impediments to commercial
feasibility;
1. The cost of the high purity Silicon feed material needed
2. The cost of transforming Silicon into Nanoscale Structure Silicon Powders for Li-ion batteries
HPQ Silicon and Pyrogenesis might have the solution…
Combining the HPQ PUREVAP™Quartz Reduction Reactor
technology with PyroGenesis Plasma Atomization knowhow to manufacture
Nanoscale Structure Silicon powders, could potentially resolve these 2
issues and lead the way to full commercialization of Nanoscale Structure
Silicon Powders. If successful, that should subsequently lead to their
wide scale adoption in the battery space.
If this occurs it would go without saying, HPQ and PyroGenesis would be well positioned to assume a market leading role.
Grab your favourite beverage and watch this interview with HPQ CEO Bernard Tourillon.
Posted by AGORACOM-JC
at 12:07 PM on Thursday, October 31st, 2019
Company has notified BWA Group plc (London, England) (NEX:BWAP) of its intention to convert GBP300,000 ($511,000) of Convertible Loan notes “CLN” into 60,000,000 ordinary shares in BWA Group plc.
Shares will be admitted to trading on the NEX Exchange Growth Market in London, effective November 6, 2019
Montreal – October 31, 2019 –St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE: 85G1) is pleased to inform its shareholders that the Company has notified BWA Group plc (London, England) (NEX:BWAP) of its intention to convert GBP300,000 ($511,000) of Convertible Loan notes “CLN” into 60,000,000 ordinary shares in BWA Group plc.
The Company has been notified by
BWA Group plc that the shares will be admitted to trading on the NEX
Exchange Growth Market in London, effective November 6, 2019. Following
the allotment of these ordinary shares, St-Georges will hold 60,000,000
ordinary shares of BWA Group plc, representing 23.75% of this
corporation’s enlarged issued share capital.
The Company received GBP2,451,409
($4,183,000) of convertible loan notes on September 30, 2019 in relation
to sale of its subsidiary Kings of the North to BWA Group plc. After
the conversion, St-Georges has GBP2,151,409 worth of loan notes
outstanding at an approximate value of $3,671,427.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Billings”
MARK BILLINGS
Chairman
About St-Georges
St-Georges is developing new
technologies to solve some of the most common environmental problems in
the mining industry. The Company controls directly or indirectly,
through rights of first refusal, all of the active mineral tenures in
Iceland. It also explores for nickel on the Julie Nickel Project &
for industrial minerals on Quebec’s North Shore and for lithium and rare
metals in Northern Quebec and in the Abitibi region. Headquartered in
Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on
the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange
under the symbol 85G1.
The
Canadian Securities Exchange (CSE) has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this
release.
The industry has been growing exponentially thanks to plain old solar panels.
In the U.S., of all new power capacity added to the grid in 2018, about 30% was from solar.
Elon Musk may have promised the world Tesla solar roof tiles in 2016, but turns out the solar industry may not need the upgrade.
The industry has been growing exponentially thanks to plain old solar
panels. You can see the evidence both on people’s rooftops and in the
desert, where utility-scale solar plants are increasingly popping up.
Here in the U.S., of all new power capacity added to the grid in 2018, about 30% was from solar.
But the picture is not all rosy. Solar power is intermittent. The sun
isn’t always shining, and the price of storage solutions like lithium
ion batteries is still relatively high.
These are real problems that the industry needs to tackle if solar is
going to reach its potential. However, if the recent past is any
indication, solar power is going to help lead the transition to a
carbon-free future, and it might do it faster than we all expected.
Watch the video to learn more.
Posted by AGORACOM-JC
at 11:04 AM on Thursday, August 22nd, 2019
In 2015, HPQ Silicon (HPQ:TSXV) began its quest to completely change the economics of the global silicon market, which would also significantly impact the solar and battery markets. Quite frankly, it almost seemed like an audacious goal that HPQ had no business even thinking about. Â
Fast forward to today and the following quote from CEO, Bernard Tourillon, says it all:  “We are ready to start commercializing our PUREVAP™ QRR technology.
We are aiming to completely revolutionize the economics of the $24B silicon industry and create significant cash flow†Â
It now seems that HPQ didn’t just think about this audacious goal, they are on the cusp of actually achieving it.  Â
If you’re still skeptical, then you also need to know that HPQ Silicon hasn’t gone at this alone. Their world class technology consortium includes Pyrogenesis Canada (a global leader in plasma torch technologies) and Apollon Solar (one of the world’s leaders in renewable energies).  Â
With partners of this calibre, you have to take the statements of HPQ Silicon very seriously – and now keep a very close eye on them as they begin to enter their commercialization stage over the next 6 months. Â Grab your favorite beverage, get comfortable and watch this interview with CEO, Bernard Tourillon.
World’s largest fund manager lost $90bn investing in fossil fuel companies
BlackRock’s multibillion-dollar investments in the world’s largest oil companies – including ExxonMobil, Chevron, Shell, and BP – were responsible for the bulk of these losses
The report, from the Institute for Energy Economics and Financial Analysis (IEEFA), found that BlackRock has eroded the value of its $6.5 trillion funds by betting on oil companies that were falling in value and by missing out on growth in clean energy investments.
BlackRock, the world’s largest fund manager with $6.5 trillion of
assets under management – bigger in value than the world’s third-largest
economy (Japan) – continues to ignore the serious financial risks of
putting money into fossil fuel-dependent companies, a new report has
found.
The report,
from the Institute for Energy Economics and Financial Analysis (IEEFA),
found that BlackRock has eroded the value of its $6.5 trillion funds by
betting on oil companies that were falling in value and by missing out
on growth in clean energy investments.
BlackRock’s investments lost investors an estimated $90 billion over
the past decade “due largely to ignoring global climate risk,†the
report said.
The report also found that BlackRock’s multibillion-dollar
investments in the world’s largest oil companies – including ExxonMobil,
Chevron, Shell, and BP – were responsible for the bulk of these losses.
The report added that BlackRock should reduce the influence of those
with connections to the fossil fuel industry on its board, a
recommendation the investment giant continues to ignore.
Tim Buckley, IEEFA Director of Energy Finance Studies and co-author
of the report says due to its enormous size, BlackRock should
demonstrate stronger leadership.
“If the world’s largest investor makes it clear the rules have
changed, then other globally significant investors like Fidelity,
Vanguard and Japan’s sovereign wealth fund will rapidly replicate and
reinforce these moves, reducing stranded asset risks for all,†he said.
In its defense, via a statement to UK’s Guardian newspaper,
BlackRock said they give clients the option of investing in
environmentally and socially responsible funds and that these funds,
make up 0.8 percent of its entire portfolio.
“BlackRock should be given some credit,†says Derick Lila, Managing
Director at pvbuzz.com. “I believe the company is making strides in
diversifying its portfolio – and a notable example is the company’s
recent push towards distributed solar and storage.â€
Only last month, BlackRock aquired a majority stake
in GE’s solar business, giving the investment giant footing in a
growing market that offers solar and storage solutions to the
commercial, industrial and public sectors.
“While the company’s investments in clean energy isn’t as impressive
as some of us in the business would like, we also have to understand
they are Fund Managers,†Derick Added.
