CO2 Energy Transition (NOEM)
Market Price (1/17/2026): $10.3 | Market Cap: $98.7 MilSector: Financials | Industry: Multi-Sector Holdings
CO2 Energy Transition (NOEM)
Market Price (1/17/2026): $10.3Market Cap: $98.7 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 2.8% | Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -1.1% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, Carbon Capture & Storage, Show more. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -70% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.7 Mil |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 74x | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% | ||
| Key risksNOEM key risks include [1] its failure as a Special Purpose Acquisition Company (SPAC) to complete a business combination within its mandated timeframe. |
| Low stock price volatilityVol 12M is 2.8% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, Carbon Capture & Storage, Show more. |
| Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -1.1% |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -70% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.7 Mil |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 74x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksNOEM key risks include [1] its failure as a Special Purpose Acquisition Company (SPAC) to complete a business combination within its mandated timeframe. |
Why The Stock Moved
Qualitative Assessment
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1. Persisting Analyst "Sell" Rating: A consensus "Sell" rating from Wall Street analysts indicated a prevailing negative sentiment among experts regarding NOEM's future performance, which could have contributed to subdued stock price movements or downward pressure.
2. Continued Momentum in the Global Clean Energy Sector: The broader energy transition sector demonstrated significant growth throughout 2025, with solar and wind energy expanding rapidly enough to meet all new electricity demand in the first three quarters of the year, potentially providing a baseline level of investor interest and support for companies like NOEM.
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Stock Movement Drivers
Fundamental Drivers
The 1.0% change in NOEM stock from 10/31/2025 to 1/16/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| 10312025 | 1162026 | Change | |
|---|---|---|---|
| Stock Price ($) | 10.22 | 10.32 | 0.98% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 0.00 | 0.00 | � |
| Net Income Margin (%) | ∞% | ∞% | � |
| P/E Multiple | 112.82 | 74.40 | -34.06% |
| Shares Outstanding (Mil) | 9.59 | 9.59 | 0.00% |
| Cumulative Contribution | � |
Market Drivers
10/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| NOEM | 1.0% | |
| Market (SPY) | 1.4% | -16.1% |
| Sector (XLF) | 4.0% | 21.3% |
Fundamental Drivers
The 2.2% change in NOEM stock from 7/31/2025 to 1/16/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| 7312025 | 1162026 | Change | |
|---|---|---|---|
| Stock Price ($) | 10.10 | 10.32 | 2.18% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 0.00 | 0.00 | � |
| Net Income Margin (%) | ∞% | ∞% | � |
| P/E Multiple | 225.45 | 74.40 | -67.00% |
| Shares Outstanding (Mil) | 9.59 | 9.59 | 0.00% |
| Cumulative Contribution | � |
Market Drivers
7/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| NOEM | 2.2% | |
| Market (SPY) | 9.7% | -11.4% |
| Sector (XLF) | 4.3% | 15.4% |
Fundamental Drivers
The 4.3% change in NOEM stock from 1/31/2025 to 1/16/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| 1312025 | 1162026 | Change | |
|---|---|---|---|
| Stock Price ($) | 9.89 | 10.32 | 4.35% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 0.00 | 0.00 | � |
| P/S Multiple | ∞ | ∞ | � |
| Shares Outstanding (Mil) | 2.07 | 9.59 | -362.39% |
| Cumulative Contribution | � |
Market Drivers
1/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| NOEM | 4.3% | |
| Market (SPY) | 15.9% | -10.7% |
| Sector (XLF) | 6.9% | 0.0% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 1/16/2026| Return | Correlation | |
|---|---|---|
| NOEM | ||
| Market (SPY) | 76.5% | -8.9% |
| Sector (XLF) | 55.7% | -0.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NOEM Return | - | - | - | - | 5% | 0% | 5% |
| Peers Return | 42% | 48% | 5% | -1% | -8% | 10% | 121% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| NOEM Win Rate | - | - | - | - | 92% | 100% | |
| Peers Win Rate | 53% | 57% | 55% | 50% | 55% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| NOEM Max Drawdown | - | - | - | - | -0% | 0% | |
| Peers Max Drawdown | -5% | -14% | -16% | -17% | -21% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LIN, APD, OXY, SLB, FLR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/16/2026 (YTD)
How Low Can It Go
NOEM has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to LIN, APD, OXY, SLB, FLR
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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- Blackstone for green infrastructure
- Brookfield Renewable Partners, but for all CO2 energy transition technologies
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- Renewable Energy Generation: This service involves the development, operation, and sale of electricity produced from solar photovoltaic and wind power plants.
- Sustainable Fuels Production: This includes the production and supply of advanced biofuels and green hydrogen for various industrial, maritime, and aviation applications.
- Electric Vehicle Charging Solutions: This service focuses on deploying and managing a network of charging points for electric vehicles to support sustainable mobility.
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For the public company CO2 Energy Transition (symbol: NOEM), the symbol NOEM refers to **NextEra Energy, Inc.** NextEra Energy is one of the largest electric utility holding companies in the United States. The name "CO2 Energy Transition" aptly describes a significant part of NextEra Energy's business, primarily through its subsidiary NextEra Energy Resources (NEER), which is a leading generator of renewable energy (wind, solar) and battery storage.
NextEra Energy's business model includes two main segments: Florida Power & Light Company (FPL), a regulated utility serving end-use customers in Florida, and NextEra Energy Resources (NEER), a competitive energy business.
Focusing on the "CO2 Energy Transition" aspect, which aligns with NextEra Energy Resources' mission, this segment primarily sells power and energy solutions to other companies and entities through long-term power purchase agreements (PPAs).
NextEra Energy does not publicly disclose individual customers that constitute "major customers" (i.e., accounting for 10% or more of consolidated revenue) in its SEC filings, indicating a diversified customer base. However, its customers fall into the following categories, with examples of public companies that have contracted with NextEra Energy Resources for various projects:
-
Other Electric Utilities
These are typically investor-owned utilities, public power utilities, or electric cooperatives that purchase wholesale power from NextEra Energy Resources to serve their own customer bases across different regions.
- Examples of public utility companies that NextEra Energy Resources has contracted with for various projects include (but are not limited to):
- Duke Energy Corporation (DUK)
- Xcel Energy Inc. (XEL)
- Constellation Energy Corporation (CEG)
-
Corporate & Industrial (C&I) Clients
Large corporations across various sectors that enter into PPAs directly with NextEra Energy Resources to procure renewable energy. These companies often seek to meet ambitious sustainability goals, reduce their carbon footprint, or manage energy costs.
- Examples of public corporate clients that NextEra Energy Resources has contracted with for various projects include (but are not limited to):
- Alphabet Inc. (GOOGL)
- Verizon Communications Inc. (VZ)
- Nucor Corporation (NUE)
-
Public Power Entities
This category includes municipal utilities, public utility districts, and other government agencies that purchase power for their communities or operations. These entities are typically not publicly traded companies.
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Brady Rodgers, President & Chief Executive Officer
Brady Rodgers serves as the President and Chief Executive Officer of CO2 Energy Transition Corp.. He is also currently the CEO of Antelope Energy Partners and Native State CCS. Mr. Rodgers is responsible for the company's strategic vision, operational execution, and corporate governance, particularly guiding efforts in carbon capture and utilization technologies.
Harold R. DeMoss, III CPA, Chief Financial Officer
Harold R. DeMoss, III is the Chief Financial Officer of CO2 Energy Transition Corp.. He is a seasoned financial professional, holding credentials as a Certified Public Accountant (CPA) and Certified Global Management Accountant (CGMA), and possesses a deep understanding of financial management, accounting principles, and strategic financial planning.
Charles E. Fox, Chairman
Charles E. Fox is the Chairman of CO2 Energy Transition. He is also the co-founder and CEO of Windy Cove Energy II, an oil and gas producer, and Pure Earth Plasma Holdings.
Mike Lessard, Vice President of Business Development
Mike Lessard serves as the Vice President of Business Development for CO2 Energy Transition.
AI Analysis | Feedback
The key risk to CO2 Energy Transition (symbol: NOEM) primarily stems from its nature as a Special Purpose Acquisition Company (SPAC).
- Failure to Complete a Business Combination: As a SPAC, NOEM's primary objective is to complete a merger, acquisition, share exchange, or similar business combination with an operating company within a specified timeframe, typically in the carbon capture, utilization, and storage (CCUS) sector. If NOEM is unable to identify and successfully consummate such a business combination within its charter-mandated period, the company would likely be forced to liquidate, returning its IPO proceeds to shareholders. This inherent risk is fundamental to all SPACs.
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CO2 Energy Transition Corp. (NOEM) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering in November 2024. As a SPAC, it currently has no significant operations and does not anticipate generating operating revenues until it completes a business combination. NOEM's stated objective is to identify and merge with a target company in the carbon capture, utilization, and storage (CCUS) industry, focusing on mid-sized companies with significant growth potential. Therefore, the primary driver of future revenue growth for NOEM over the next 2-3 years will fundamentally depend on the successful execution of its acquisition strategy and the subsequent performance of the acquired CCUS business. Assuming a successful business combination, the expected drivers of future revenue growth for the combined entity in the CCUS sector could include:- Successful Completion of a Business Combination: As a SPAC, NOEM's ability to generate revenue is entirely contingent upon acquiring an operating company within the carbon capture, utilization, and storage industry. This initial step is the most critical driver for any future revenue generation over the next 2-3 years.
- Growing Demand for Carbon Capture, Utilization, and Storage (CCUS) Services: The global push towards net-zero emissions by 2050 necessitates a significant expansion of CCUS technologies. Projections indicate a substantial increase in the amount of captured CO2 required annually, creating a robust and expanding market for companies offering these solutions.
- Advancements in CCUS Technology and Efficiency: The CCUS sector benefits from ongoing innovation aimed at developing more cost-effective and efficient capture, utilization, and storage methods. A company that acquires or develops proprietary, advanced technologies, such as direct air capture (DAC) solutions, stands to gain a competitive advantage and drive revenue growth through superior offerings and operational efficiencies.
- Favorable Government Policies and Incentives: Strong bipartisan support for carbon capture legislation and substantial government investment in the sector are key drivers. Initiatives from the U.S. Department of Energy, including funding for research and development and purchase prizes for carbon dioxide removal, create a supportive environment and financial incentives for CCUS companies, thereby stimulating project development and revenue streams.
- Expansion into New Markets and Applications for Captured CO2: Beyond permanent storage, the economic utilization of captured CO2 for creating valuable products presents a significant growth opportunity. Companies that can convert CO2 into environmentally responsible and economically viable products can tap into new markets and diversify their revenue streams.
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Share Issuance
- CO2 Energy Transition Corp. (NOEM) successfully completed its initial public offering (IPO) in November 2024, raising $69 million in gross proceeds.
- The company sold 6,000,000 units at $10.00 per unit, with an additional 900,000 units issued through the full exercise of the underwriter's over-allotment option.
- Each unit included one common stock share, one warrant exercisable at $11.50, and one right to receive one-eighth of a share upon a business combination.
Inbound Investments
- The company received $69 million in gross proceeds from its initial public offering in November 2024.
- CO2 Energy Transition Corp. is a special purpose acquisition company (SPAC) formed to facilitate a merger, acquisition, or similar business combination, indicating that the capital raised is intended for future investment in a target company.
Outbound Investments
- As a SPAC, the company's objective is to identify and consummate a business combination with one or more businesses or entities in the carbon capture, utilization, and storage (CCUS) industry.
- CO2 Energy Transition plans to focus on mid-sized CCUS companies with an enterprise value between $150 million and $250 million.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for CO2 Energy Transition
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.35 |
| Mkt Cap | 24.6 |
| Rev LTM | 21,094 |
| Op Inc LTM | 3,846 |
| FCF LTM | 2,018 |
| FCF 3Y Avg | 2,150 |
| CFO LTM | 4,565 |
| CFO 3Y Avg | 4,741 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.8% |
| Rev Chg 3Y Avg | 0.6% |
| Rev Chg Q | -2.5% |
| QoQ Delta Rev Chg LTM | -0.7% |
| Op Mgn LTM | 18.1% |
| Op Mgn 3Y Avg | 21.5% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 27.1% |
| CFO/Rev 3Y Avg | 27.5% |
| FCF/Rev LTM | 11.0% |
| FCF/Rev 3Y Avg | 11.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/13/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/12/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/13/2025 | 10-Q (03/31/2025) |
| 12/31/2024 | 03/31/2025 | 10-K (12/31/2024) |
| 09/30/2024 | 12/27/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 11/21/2024 | 424B3 (06/30/2024) |
| 03/31/2024 | 05/03/2024 | S-1/A (03/31/2024) |
| 12/31/2021 | 03/17/2023 | S-1/A (12/31/2021) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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