CELS

CELS Methodology

Index Calculation

The Nasdaq Clean Edge Green Energy Index (CELS) began on November 17, 2006, at a Base Value of 250.00. Click here to learn more.

Eligibility Criteria

To be eligible for inclusion in the Index, issuers of a security must be classified, according to Clean Edge, as technology manufacturers, developers, distributors, and/or installers in one or more of the following sub-sectors (see complete list of index screens by clicking on the Methodology link below):

• Advanced Materials (silicon, lithium, bio-based, and/or other materials and processes that enable clean- energy and low-carbon technologies);
• Energy Intelligence (conservation, efficiency, smart meters, energy management systems, LEDs, smart grid, superconductors, power controls, etc.);
• Energy Storage & Conversion (advanced batteries, power conversion, electric vehicles, hybrid drivetrains, hydrogen, fuel cells for stationary, portable, and transportation applications, etc.); and
• Renewable Electricity Generation (solar, wind, geothermal, water power, etc.).

A security’s issuer must be determined by Clean Edge to have a demonstrated ability to capture the potential of the clean-energy sector by receiving a majority (50% or more) of its revenue from clean-energy and low-carbon activities, or, in the case wherein a company has multiple business units and revenue streams, have substantial exposure to the clean-energy and low-carbon sector.

In addition, a security must pass the following screens:

• be listed on the Nasdaq Stock Market, the New York Stock Exchange, NYSE American, or the Cboe BZX Exchange;
• have a minimum market capitalization of $150 million;
• have a minimum average daily trading volume of at least 100,000 shares;
• have a minimum closing price of $1.00;
• the issuer of the security may not have entered into a definitive agreement or other arrangement which would likely result in the security no longer being Index-eligible;
• may not be issued by an issuer currently in bankruptcy proceedings; must not be identified by the U.S. Securities and Exchange Commission (SEC) as having used to audit its financial statements an accounting firm that has been identified by the Public Company Accounting Oversight Board (PCAOB) under the Holding Foreign Companies Accountable Act (HFCAA).