Perennial Better Future

Perennial Partners is pleased that it has been recognised as a Responsible Investment Leader by Responsible Investment Association Australasia (RIAA) for the fifth consecutive year. We are proud to be in the top 20% of investment managers in the research universe as Responsible Investment Leaders. Read more about the announcement: https://lnkd.in/e4GdcjAN #RIAA #RIleaders #ESGinvesting

This month, our #betterfuturehighlight is from portfolio company Meridian Energy. Meridian received consent to build a 120 Megawatt (MW) solar farm in Tai Tokerau Northland, New Zealand, capable of producing 150 to 200 Gigawatt hours of electricity per year. The project is Stage 2 of Meridian’s Ruakaka Energy Park, which also includes a 100 MW battery energy storage system. This is meaningful as excess solar generated when prices are low can be stored and sold during peak periods. Read more about our Better Future strategy here: https://lnkd.in/e_Ub28Tm

In July, portfolio holding Immutep Limited reported a positive results from Cohort B of the company’s Phase IIb trial in patients with head and neck cancer. The trial was evaluating the company’s “efti” product in combination with Merck & Co’s cancer therapy KEYTRUDA. The results from the trial were encouraging with an objective response rate of 35.5% which are among the highest recorded for a chemotherapy-free approach in “cold” tumor patients. Additionally, there was a high complete response rate of 9.7%. Cohort B of the trial was for patients, with “cold” tumors where leading cancer therapy KEYTRUDA has not previously been shown to be effective.   The data was presented by Robert Metcalf, MD, from The Christie NHF Foundation Trust in Manchester, UK who stated “The high response rate from this novel immunotherapy combination is well above other treatment approaches without chemotherapy. It matches historical response rates from chemotherapy-based treatments but without the associated toxicities. This is really significant for patients with head and neck squamous cell carcinomas who have a CPS less than one [cold tumors] and for whom chemotherapy is the current first line treatment….” Read more about our investment companies in our monthly update https://lnkd.in/et36ZbEn

This month, our Perennial Better Future highlight is Calix Limited. Calix announced an update on its Direct Air Capture (DAC) projects in partnership with Heirloom. Under an exclusive technology license agreement, Calix’s Leilac will provide its electric calcination and carbon capture technology to two Heirloom DAC facilities. Heirloom will build co-located DAC facilities in Shreveport, Louisiana. The first facility will have a CO2 removal capacity of ~17,000 tonnes per year and is expected to be operational in 2026. The second ~300,000 tonnes per year facility will be built in phases, with the first ~100,000 tonnes expected to be operational in 2027. The second facility is Heirloom’s contribution to Project Cypress, a US Department of Energy-supported DAC Hub eligible for up to US$600m in government funding. The State of Louisiana will also contribute up to US$10m in economic incentives for the projects, reflecting bipartisan support for DAC in the state. Both facilities are expected to create at least 1,000 construction jobs and over 80 permanent jobs. Read more about the types of companies Perennial Better Future invests here: https://lnkd.in/et36ZbEn #carboncapture #esginvesting #carbonremoval

During May, Portfolio holding Meridian Energy announced that it had signed a 20-year contract to supply electricity to the New Zealand Aluminium Smelter (“NZAS”) at Tiwai Point.  A significant aspect of the contract is that Meridian has the right to reduce NZAS electricity consumption in certain circumstances, typically where rainfall has been low and impacted Meridian’s hydro energy generation. This will provide greater flexibility for the NZ electricity grid with less need for fossil fuel generation in the broader network in these circumstances. The contracts were on much better financial terms for Meridian than the existing agreement and the was longer than expected. This will provide greater financial security for the local community in Invercargill, NZ and will allow NZAS to have long term certainty to invest in the smelter to improve efficiency and greenhouse gas emissions. #betterfuture #sustainablehighlights #ESGinvesting

We are pleased to announce that the Perennial Better Future Trust and the Perennial Better Future Fund (Managed Fund), quoted on the ASX under the code IMPQ, have been classified as 'Sustainable Plus' by the Responsible Investment Association Australasia (RIAA). This is the top classification under the new scheme. You can read Laura Dew's write up via the link below: https://lnkd.in/e2mJpktZ #sustainable #investing #betterfuture

Perennial Better Future is pleased to announce that the Perennial Better Future Trust and the Perennial Better Future Fund (Managed Fund) (ASX: IMPQ) have been classified as Sustainable Plus under the new Responsible Investment Association Australasia (RIAA) Sustainability Classifications Initiative. A ‘Sustainable Plus’ classification is the highest of the three classifications. It signifies that a product meets all the criteria of the Responsible Investment Standard for its product category; its sustainability objectives (as defined by RIAA) are clearly stated in legal documentation; investment selection and ownership activities align with stated sustainability objectives; and performance against one or more stated objectives and/or targets is tracked and reported. Read more here: https://lnkd.in/eCP5xwAs #sustainableplus #RIAAclassification #sustainableinvestment

Perennial Better Future is proud to be a contributor to Perennial's Reconciliation Action Plan working group, supporting our National Reconciliation Week activities.

For April, our Perennial Better Future Highlight was portfolio company Immutep Limited. Immutep announced some positive preliminary results from its Phase IIb Trial evaluating the company’s Efti product when used in combination with the cancer therapy KEYTRUDA as a first-line treatment of head and neck squamous cell carcinoma in patients with negative PD-L1 expression which are colloquially considered to be “cold tumours”. These “cold tumour” patients are typically not treated with KEYTRUDA as it has not been demonstrated to be effective. The preliminary results of using the combination of Efti and KEYTRUDA demonstrated an overall response rate of 26.9% which was an encouraging outcome.   Dr Martin Forster of the University College of London Cancer Institute, who is the investigator for the trial, stated “These preliminary topline results…are encouraging. Head and neck squamous cell carcinomas are a heterogenous disease that represent a high unmet medical need…. This is especially the case for patients with tumours that do not express PD-L1 and those that cannot receive chemotherapy. The ability of efti to work with….KEYTRUDA to potentially improve patients’ clinical responses and expand patient populations that respond to the latter, without using chemotherapy, is promising.” This is just one of a number of trials involving efti in various types of cancer that are focused on improving outcomes for patients. Read more in our monthly commentary: https://lnkd.in/eTma6mFW

New episodes are out for the Perennial Better Future podcast series! We release short snippets on key sustainability topics, with the most recent episodes covering lessons from abroad, regulatory impacts, decarbonisation & the energy transition. Listen here: https://lnkd.in/gb3rNXSN #sustainabilityinvesting #SRI #decarbonisation #esgpodcast