The Calix Ltd (ASX: CXL) share price is continuing its meteoric 2021 performance today. Investors are buying up shares in the clean technology company as it held its annual general meeting (AGM) this morning.
At the time of writing, Calix shares are being exchanged for $7.59, up 6.3% from yesterday's close. Also, the strong performance today has cemented a new all-time high share price for the company at $7.66.
Despite the AGM not being considered price-sensitive, the company is getting a lot of love on Tuesday.
Here's a closer look at the contents of the meeting.
What's driving the Calix share price higher?
There's plenty of spring in Calix's step today as shares push upward following the AGM. Shareholders would be rubbing their hands together considering it was only Friday when the Calix share price soared 20%. Yet, the optimism keeps on rolling.
In an address to shareholders today, Calix chair Peter Turnbull summarised the year that's been for the billion-dollar company. Much like many other businesses around the world, the ASX-listed technology developer had to navigate the unpredictable waters of COVID-19.
Fundamentally, Calix has succeeded in weathering the storm. In doing so, the company restructured around 5 key lines of business. These business units consist of water, CO2 mitigation, biotech, advanced batteries, and sustainable processing.
During this process, Calix raised $19 million to accelerate growth across these businesses. In turn, the Calix share price was diluted by around 8%.
Notable achievements mentioned at the AGM included a 36% increase in revenue from the Calix water business. In addition, the company made substantial progress on its low emissions intensity lime and cement (LEILAC) project.
Essentially, Calix's core technology is "a new way to heat stuff up". Through its process, emissions are also captured. Additionally, the process can be used in conjunction with renewables, making it appealing in the net-zero world.
According to the company's slides, this core technology is shared across the 5 lines of its business. Calix believes that each of these businesses offers a multi-billion-dollar opportunity — perhaps instilling excitement in shareholders today.
AGM outcomes
Finally, Calix shareholders cast their votes on the numerous resolutions put forward in the company's AGM today. These items were fairly typical, including:
- Adoption of the remuneration report
- Re-election of executive director Dr Mark Sceats
- Re-approval of the Calix officers and employees incentive scheme
All resolutions were approved by the shareholders.
For reference, the Calix share price is up 637% since the beginning of the year.
