Originally published on 6/10 2025

ESGFIRE returns since 2018: + 1000 %

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Market outlook and Smallcap overview

September was a risk-on month. Cooling inflation and “on hold” central banks kept financing conditions stable while equities pushed higher, led by tech and cyclicals. US large caps rallied sharply; breadth improved as small caps also caught a bid, narrowing YTD dispersion. Policy tailwinds for decarbonization remained intact across the US/EU, and September brought fresh corporate activity in EVs and sustainable materials — supportive for our mobility and agri-tech exposures.

Small caps in climate and agri-tech rebounded as investors rotated into under-owned names with near-term catalysts. Capital markets chatter skewed constructive: more pilot-to-order conversions in e-mobility, licensing-led scale-ups in ag inputs, and improving visibility into late-2025 IPO windows for private clean-tech. Valuations remain well below 2021 peaks, but September’s tape rewarded companies that paired hard news (orders, grants, plant commissioning, licensing) with credible H2 execution paths.

Against this backdrop, ESGFIRE’s portfolio companies continued to advance their missions through September. Below we provide updates on each holding, including the two publicly traded companies and three late-stage private companies we expect to IPO in the coming months.

 

 

Current ESGFIRE Portfolio Public holdings:

 

 

Clean Motion (Public EV Manufacturer) – September 2025 Update

Performance YTD:
-12,5 % (share price change Jan 1 to September 31).

Key Developments in  September

-New market opened: Clean Motion launched sales of EVIG in Finland, appointing Anders Sommardahl as exclusive representative. This extends the company’s Nordic footprint and pipeline for municipal and last-mile fleets.

-Follow-up order in NL: LMe Solutions placed a follow-up order for eight EVIGs (SEK 1.55m) after last year’s pilot; the partner is targeting 45 vehicles in 2026 with potential to scale to 200 units as zero-emission zones expand.

-Swedish city pilot: Partille Municipality began a pilot replacing larger vans with EVIG for daily transport — Clean Motion’s first deployment with a Swedish municipality.

-Commercial team upgrade: The company appointed Stefan Janols VP Sales & Marketing (effective Oct 1) to accelerate commercialization

Replenish Nutrients (Public Sustainable Fertilizer) – September 2025 Update

Performance YTD:
+200% (share price change Jan 1 to September 31)

Key September Developments:

-New product + licensing deal: Replenish introduced a pelletized fertilizer product and signed a licensing agreement with MJ Ag Solutions (Alberta) to produce it with no capex for Replenish; initial output guided to ramp quickly (~800 t/month “in the coming weeks”) to serve Northern Alberta farmers. The model is capital-light and replicable.

-Ecosystem building: The company continued industry outreach in September (including a Soil Health event mid-month) to drive adoption as Beiseker moves through commissioning/ramp (commissioning milestone formally announced in early August).

Our take: The pellet product + partner manufacturing adds a second growth leg alongside Beiseker granulation, improves mix/availability into fall, and supports a path to positive EBITDA as volumes scale.

Non public investment portfolio Outlook

 

Ola Media (Pre-IPO Digital Media) – August 2025 Update

Ola Media (Private) — No new public announcements in September. The company remains in late-stage preparation for a projected Q4 2025 IPO. Its core work continues behind the scenes (platform enhancements, revenue growth, organizational readiness). We will update further as the IPO process formally kicks off (potentially with regulatory filings or an official announcement in the coming weeks).

 

Alchemy (Pre-IPO Nanotechnology) – August 2025 Update

Governed by dual-sector innovation, Alchemy continues to redefine sustainability and defense markets.

IPO Outlook & Core Business:
No public updates in September. Late-2025 listing remains the internal target per prior guidance; company continues to operate in stealth with focus on commercialization and potential strategic partnerships.

ESGFIRE’s Outlook:
Alchemy’s presence in both automotive convenience products and cutting-edge military technology positions it uniquely. The defense contract revenue realized to date is already material, and the broader policy-driven increase in Canadian defense R&D and procurement presents extraordinary opportunity. As markets anticipate Alchemy’s IPO, investors can expect significant upside—not only from the core nanotech business but also from deepening defense partnerships and contracts.

We estimate a 300–500% return potential upon IPO, given the company’s scaling progress, IP strength, and expansion into a fast-growing, strategically critical sector.

Evanesce Packaging Solutions (Pre-IPO Sustainable Packaging) – August 2025 Update

No material public announcements in September. Company continues commercial ramp and IPO preparation for late-2025, supported by regulatory momentum in packaging sustainability. (Last public milestones pre-September include US facility build-outs and leadership scaling; no new September releases located.)

About us:
ESGFIRE is a Swedish investment company and research firm that focuses on companies with either an environmentally friendly service or product. ESGFIRE has a performance record of over 1000 % returns since 2018. By only investing in environmentally friendly companies, ESGFIRE have outperformed the major indexes for several years. We have a track record of over 1100 % returns since 2018 using our own proven method of identifying high potential ESG companies.

 

Contact details
Website: www.esgfire.com
Group CEO: Filip Erhardt
Email: Filip@esgfire.com
Telephone:+46701609605

Legal Disclaimer

The stock price development above was calculated by taking the opening price at the first day of the month and the closing price at the last day of the month.

This post is based upon reliable sources, namely regulated press releases from the company, as referred to above. Nevertheless, this post may contain interpretations, estimates, or opinions of the authors, or other non-factual information. If that is the case, this is continuously stated above. Furthermore, any projections, forecasts, or similar are explicitly stated as such. These projections, forecasts, or similar have been conducted based on EV/SALES multiple calculations.

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