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Codexis, which trades on the Nasdaq as CDXS, develops biocatalysts, used to treat water and chemical manufacturing. The company captures carbon, to reduce pollution from coal-fired power plants. It's not something we think a lot about here in Silicon Valley (and the company is, strangely enough, based in Redwood City), but it's working. After an early morning upgrade, the recently-public Codexis has seen its shares skyrocket, jumping nearly 20 percent.
It's good news for the green tech sector, which has been bumpy lately. Yes, Tesla stirred up a lot of good feelings when it went public, but holding onto a hot stock price is tough for any newly public firm, not to mention one without profits. Silicon Valley neighbor Solyndra withdrew its plans to offer stock, putting a lot of wealthy dreams on hold. Codexis, too, has bounced around, but is now close to 50 percent above its low point.
The company, along with a Canadian counterpart, is presenting its technology in Washington, DC, today. Given the bad press energy has gotten lately thanks to BP, it's likely that carbon-cleaning will get a positive reception. Will that translate into funding? Even good PR? It's the kind of thing investors are hoping for, and betting on.
We'll keep watching.
Scott Budman is fairly carbon-free. He's on Twitter @scottbudman