Green Alpha Advisors Adds New Stocks to Next Economy Index

Index growth signals evolving Next Economy as companies embrace sustainable business strategies

BOULDER, CO—November 7, 2016—Green Alpha ® Advisors, an asset management firm specializing in innovation-driven, fossil fuel free equity portfolios, announced today that it has added 26 new stocks to its Green Alpha Next Economy Index (GANEX).

The GANEX, established December 30, 2008, is the longest-running broad-based, fossil fuel free market index in the U.S., providing investors with a time-tested benchmark of investment performance through different market cycles. It is rebalanced annually using a modified market cap weighting system, and currently holds 104 public equity securities.

“In the past 12-18 months, we have seen an acceleration of innovation by businesses around the globe and across several sectors that have enabled us to expand the Next Economy universe,” said Green Alpha Co-Portfolio Manager Jeremy Deems. “These investments offer smart solutions that simultaneously address core systemic risks and improve economic productivity. We believe companies like these will be the greatest growth drivers of the twenty-first century.”

New stocks in GANEX include:

• Codexis, Inc. (NASDAQ: CDXS): Codexis engineers enzymes for pharmaceutical and chemical production. Codexis’ technologies enable scale-up and implementation of biocatalytic solutions to optimize process development, from research to manufacturing. In Next Economy terms, Codexis provides the possibility of moving beyond petrochemicals for many crucial industrial applications.

• Ormat Technologies, Inc. (NYSE: ORA): Ormat is a provider of alternative and renewable energy technology. To date the company has built over 150 power plants and installed over 2,000 MW worldwide. The firm owns and operates 697 MW of geothermal and recovered energy based power plants. While geothermal isn’t as widely distributable as wind or solar, it does have the advantage of capably supplying non-intermittent baseload power, and makes a great addition to solar and/or wind as cogen where available.

• Fortinet Inc. (NASDAQ: FTNT): Fortinet is a leading provider of cyber security solutions for enterprise, service provider, and government organizations around the world. Fortinet is one of four new GANEX components that focus on cyber security. In Next Economy terms, a cyber-connected economy will improve efficiency and cyber security will be critical to ensuring the successful long-term growth of a sustainable economy.

• Ameresco Inc. (NYSE: AMRC): Ameresco is an energy services business that provides energy efficiency and renewable energy solutions to businesses and institutions throughout North America and the United Kingdom. The firm’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants.

GANEX was developed using traditional, bottom-up research paired with a compelling, macroeconomic growth thesis based on scientific, demographic and climate trends. Green Alpha begins the investment process by asking, “Does this company, in aggregate, contribute to or mitigate the systemic risks of climate change, resource scarcity or income inequality?” The resulting list of Next Economy candidates are then vetted using time-tested growth and valuation methodologies.

The GANEX is an indexed product, designed to reflect and benchmark the Next Economy. It exists to:
1. Define all aspects of the Next Economy: green, self-sustaining, eco-efficient, fossil fuel free
2. Demonstrate the diversity, growth, breadth and depth of the Next Economy
3. Provide a universe of Next Economy companies from which to draw for actively managed portfolios
4. Serve as a performance benchmark for sustainable active, public equity investment strategies

Green Alpha follows science and innovation, not the crowd. We have been redefining asset management since 2007 by investing for the Next Economy, one in which solutions to our greatest systemic risks drive economic growth and allow the economy to thrive indefinitely. We believe companies that create or enable innovative solutions to the risks of climate change, resource scarcity and widening inequality are the greatest growth drivers of the twenty-first century.  Green Alpha is proud to be a Certified B Corporation.

This document is for informational purposes only and should not be construed as legal, tax, investment or other advice. It does not constitute an offer to sell or the solicitation of any offer to buy any security. Green Alpha is a registered trademark of Green Alpha Advisors, LLC. Please refer to for more information. We included four example securities purchased in Green Alpha Next Economy Index client accounts during October 2016. The holdings identified do not represent all of the securities purchased, sold or recommended for advisory clients. You may request a list of all recommendations made by Green Alpha Advisors in the past year by emailing a request to It should not be assumed that the recommendations made in the past or future were or will be profitable, or will equal the performance of the securities cited as examples in this document. B Corps are for-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, transparency and aspire to use the power of markets to solve social and environmental problems. This certification does not represent a statement of any Green Alpha client and does not describe any experience with or endorsement of Green Alpha as an investment advisor by any such client.

Mo Shafroth, 720-470-3653