Sea Forest listed late last year and has sustained a higher share price since listing.

This won't be overly pretty, but if you're interested,

This is a company in the climate technology / agricultural sector. They have commercialised feed additives that reduce methane emissions in livestock, which is an increasingly important area for sheep and cattle production in many countries.

• Sea Forest shifted from trying to produce bromoform (the bioactive chemical that interrupts the methanogenic pathway) from Asparagopsis (red seaweed) to chemical synthesis. More scalable and efficient. One competitor based in WA, Rumin8, does something similar. I think theres still a few other license holders of FutureFeed (CSIRO) still trying to scale red seaweed production.

• Bromoform is very volatile and needs to be stabilised, I think typically with oils / fats. A lot of the sectors patents and trade secrets are in the formulation space. Feed additives, liquids into water points, salt licks, etc. You need to be able to dose the animal and have sustained efficacy for as long as possible, like a slow release.

• Other industry challenges include, not impacting productivity like weight gain and preferably improving energy conversion, which is theoretically possible because of the inefficiency of methane production. Not impacting meat quality > residue in the meat > human health > social perception. Search Bovaer.......

• Sea Forest appear to be leading in Australia for commercially available and high efficacy and could be leading globally and they do have their eyes on international markets.

• The target customer at the moment is large feed lots. This has long been the starting point for methane mitigation because you can control the dose into the animals, unlike grazing.

• It gives the feeling of a sticky subscription model, once you get a customer onboard. This is something you need to be consistent with and a lot of customers will want to be a part of programs that either give them a financial incentive to undertake the practice or it increases market access. I also imagine feedlots are also not exactly switching up the feed all the time. They need predictable quality and weight gain.

• A couple of risks I can see are a vaccine being developed in NZ and likely elsewhere. The second is key customer risk right now. It could take some time before anyone customer leaving doesn't decimate their revenue.

For the watchlist. They need to keep adding head of cattle, demonstrate profitable growth, deeper relationships and mature as a business on the listed market.