Originally published on 29/3 2026
ESGFIRE returns since 2018: + 1000 %
Don’t forget to subscribe to our newsletter since that is our main point of contact with our readers.
Click this link to sign up for our free newsletter!
Market outlook – March 2026
Global markets turned volatile during February and March, but the shift was less about fundamentals deteriorating and more about risk finally being repriced. The year started strong on the back of solid 2025 earnings, but sentiment cracked in late February when the U.S. and Israel launched strikes on Iranian facilities. What initially looked like a contained geopolitical event quickly fed into higher oil prices, inflation expectations, and renewed uncertainty around monetary policy.
At the same time, policy signals turned more hawkish. The nomination of Kevin Warsh to lead the Federal Reserve introduced a credible risk of tighter financial conditions, while the U.S. Supreme Court’s support for tariff expansion under IEEPA reinforced the direction of travel toward more protectionist trade policy. Markets, which had been priced for a smoother macro path, were forced to adjust.
And yet—beneath the surface—the real economy never broke. February data confirmed continued strength in employment and earnings, and corporate results remained solid. What we saw instead was a positioning unwind. The AI-driven rally paused as investors reacted to the implications of more advanced agent systems, triggering a sharp but technical sell-off in mega-cap tech. At the same time, commodities surged—gold above US$5,150 and oil above US$100—adding pressure but also signalling that real demand remains intact.
In short, March was not a collapse. It was a stress test.
Looking into April, markets are now in a far healthier position than headlines suggest. Excess optimism has been flushed out, weak balance sheets have been punished, and valuations in several high-quality names have reset to more attractive levels.
The key question is no longer “is the macro weakening?” — it is “who can execute in a tighter environment?”
If energy prices stabilise and geopolitical tensions don’t escalate further, we expect capital to rotate quickly back into companies with real traction. Not narratives. Not optionality. Execution.
April is therefore unlikely to be a broad risk-on rally. It will be selective—and that is where opportunity sits.
We expect:
1.Continued pressure on capital-intensive and pre-revenue models
2.Outperformance from companies with funding visibility and commercial momentum
3.Renewed interest in real-economy transition themes (energy, infrastructure, mobility)
For investors, this is the type of market where conviction matters. Volatility is no longer something to avoid—it is something to use. The best opportunities rarely appear when conditions are clean. They appear when the market is uncertain but the underlying direction is still intact.
That is where we believe we are now.
Key themes for March 2026:
-Large‑cap vs small‑cap dispersion:
After strong outperformance of value stocks in January, the market rotated back towards quality large‑caps amid geopolitical tension. Small‑caps and foreign equities, which had rallied on hopes of looser financial conditions, underperformed once hostilities in Iran raised risk premiums. Mega‑cap tech weakened in early March due to the AI‑driven “scare trade”, but recovered later in the month.
-Rates & liquidity:
Treasury markets rallied in February as investors priced in a potential monetary policy pivot, but yields rose in March on fears that Kevin Warsh’s nomination implies a more hawkish Fed. The conflict in Iran and elevated inflation expectations pushed the 10‑year U.S. yield toward 4.5 %, and corporate spreads widened modestly. Central banks outside the U.S. remained data‑dependent, with the ECB emphasising caution as energy shocks feed through to inflation.
-Inflation & jobs:
February non‑farm payrolls surprised to the upside, signalling continued economic resilience. Earnings growth in the S&P 500 for Q4 2025 came in at roughly 13 % year‑on‑year. However, sticky services inflation and higher energy costs raised concerns that the “last mile” of disinflation will be challenging.
-Energy & commodities:
Crude oil surged above US$100 as the Strait of Hormuz disruption raised fears of supply shortages. Gold rallied to a record above US$5 150/oz amid safe‑haven flows. The spike in energy prices also pushed gasoline costs higher in March, with U.S. national averages rising roughly 11 cents per gallon after the Iranian conflict.
-Geopolitics & policy:
The U.S. and Israel’s airstrikes on Iran were the most consequential geopolitical event; markets ultimately viewed the operations as limited in scope, but they underscored fragility in energy supply routes. Warsh’s nomination and the Supreme Court’s tariff ruling signal potentially tougher U.S. policy on inflation and trade. In Europe, policymakers increased funding for green infrastructure and accelerated hydrogen programmes in response to energy‑security concerns.
-Sustainability & policy angle:
Governments continued to support the green transition despite macro volatility. The European Parliament advanced the Net‑Zero Industry Act and approved reforms to accelerate permitting for renewable projects. Canada and Mexico announced updated renewable‑procurement targets, and the U.S. reaffirmed funding for hydrogen hubs and EV infrastructure, highlighting resilience of clean‑energy policy during geopolitical stress.
Takeaways for investors – March 2026
-Stay selective and buy quality on weakness:
Large‑cap, cash‑rich companies with pricing power remain better positioned than smaller, highly leveraged peers. Use volatility to add to high‑conviction names when geopolitical shocks trigger indiscriminate selling.
-Focus on fundamentals and financing:
Tightening financial conditions mean that companies with robust balance sheets and access to low‑cost capital will outperform. Avoid speculative names that may struggle to raise funds; instead favour businesses with recurring revenue and clear pathways to profitability.
-Support real‑economy build‑out:
The energy transition continues despite macro headwinds. Investors should look for opportunities in companies delivering real‑world solutions—renewable power projects, green mobility, storage and sustainable materials—rather than purely thematic plays. Execution and cash flow matter more than narratives.
-Opportunities in early‑stage solutions:
Regulatory support for hydrogen, battery recycling and regenerative agriculture creates long‑term tailwinds. Entry points arise when near‑term market dislocations mask significant progress toward commercialisation. Patience is required; allocate gradually and expect volatility.
Current ESGFIRE portfolio – public holdings (March 2026 updates)
Clean Motion (Public EV Manufacturer First North: CLEMO)
Performance – March 2026: -35 %
Key developments:
In its 2025 year‑end report published March 13 2026, Clean Motion reported sales of SEK 1.84 million, up from SEK 1.09 million in 2024. Operating income before depreciation improved to –12.25 million SEK from –16.28 million. The company raised capital through a SEK 7.1 million convertible loan and rights issues of SEK 3 million and SEK 8.2 million, finishing the year with SEK 4.58 million in cash.
On February 5 2026, Clean Motion announced an order from housing company Bostads AB Poseidon for three EVIG Utility vehicles. The vehicles are classified as Motorredskap klass 2 and feature a newly developed bench seat to carry additional passengers. Vice‑President of Sales Stefan Janols said the order demonstrates the EVIG platform’s versatility and highlights Clean Motion’s strategy of co‑developing vehicles tailored to customer needs.
Replenish Nutrients (Regenerative fertilize CSE: ERTH)
Performance – March 2026: +27 % :
Key March developments:
-On March 9 2026, Replenish closed the second tranche of its private placement, raising CA$2.185 million. The financing included a CA$1.95 million strategic investment by Sorbie Bornholm and will fund working capital to scale production at the Beiseker facility and advance licensing partnerships with MJ Ag and Farmers Union Enterprises.
-On February 23 2026, the company engaged investor‑relations firm Sophic Capital. CEO Neil Wiens said the partnership would help communicate Replenish’s value proposition as it scales its regenerative fertilizer platform; Sophic CEO Sean Peasgood highlighted Replenish’s patented technology and capital‑light licensing model.
ESGFIRE view:
Replenish’s licensing strategy allows it to expand production without heavy capex, which is attractive in a capital‑constrained environment. The second‑tranche financing provides near‑term funding, but we need to see execution on scaling Beiseker and signing licensees. We remain positive and on buy and view potential pullbacks as opportunities to build a long‑term position in regenerative agriculture.
Charbone Hydrogen (Green Hydrogen Producer TSX venture: CH )
-Performance – March 2026: + 51 % :
-Charbone Hydrogen (TSXV: CH; OTCQB: CHHYF) is a Canadian producer of clean ultra-high-purity (UHP) hydrogen and integrated distributor of industrial gases. It is currently the only pure-play green-hydrogen producer on the Canadian public markets, making it a first-mover in a sector benefiting from generous tax credits and industrial-policy support.
Key March developments:
-On February 25 2026, Charbone secured additional orders for its ultra‑high‑purity (UHP) hydrogen from an existing U.S. customer and received its first order for UHP oxygen, expanding its multi‑molecule industrial‑gas platform. The company noted that diversifying into oxygen and other gases is part of its strategy to serve industrial clients.
-ESGFIRE view:
Charbone continues to make progress commercialising its first green‑hydrogen facilities, and securing repeat orders for UHP hydrogen and oxygen validates its product quality. The expansion into oxygen could broaden revenue streams. Nevertheless, the company remains pre‑revenue and reliant on financing; we maintain a buy for long‑term investors willing to tolerate volatility.
First Canadian Graphite (natural graphite miningTSX venture FCI) – NEW portfolio addition
-Performance – January 2026: +8%:
Key March developments:
-On March 11 2026, the company appointed Antoine Fournier (VP Exploration) and Shelley McDonald (Corporate Secretary). Fournier brings more than 35 years’ geological experience and has been involved in major deposit discoveries. The announcement noted that the Berkwood project has a historical resource estimate of 3.2 million tonnes at 17 % graphite; stock options were granted to the new executives.
-On March 6 2026, First Canadian Graphite received conditional approval to raise CA$1.0 million through the issuance of 2 million flow‑through shares priced at CA$0.50. The offering was oversubscribed at CA$1.025 million, and proceeds will fund exploration at the Berkwood project. The financing qualifies as flow‑through critical‑mineral mining expenditures.
-On March 2 2026, industry veteran Michael Iverson joined the board of directors, bringing experience raising over $100 million for mining projects.
-On February 23 2026, the company appointed John LaGourgue as CEO and director. LaGourgue has previously served as a public‑company executive and will lead the development of the Berkwood graphite project.
ESGFIRE view:
First Canadian Graphite is building a strong leadership team and successfully raising flow‑through capital to advance its high‑grade Berkwood project. The flurry of management appointments demonstrates commitment to moving the project forward. We remain positive but recognise that exploration projects carry high risk; further drill results and permitting progress are critical catalysts.
ESGFIRE watchlist – March 2026 performance snapshot
Our watchlist is a curated list of promising, undervalued companies that we follow closely. These names are not necessarily portfolio holdings, but we monitor them for potential entry.
EVgo (EV fast charging network NASDAQ: EVGO)
Business:
Operates one of the largest public fast-charging networks in the U.S., with a rapidly expanding installed base and strong positioning in urban markets.
March performance:
Approximately –36%, declining from around $2.7 in late February to ~$1.7 by end of March.
Key March catalyst:
Reported strong Q4 and full-year 2025 results in early March, including:
-Revenue growth of ~75% YoY in Q4
-Full-year revenue of ~$384 million (+50% YoY)
-Continued network expansion and throughput growth
ESGFIRE view:
Despite strong operational performance, the market reacted negatively due to concerns around cash burn and capital intensity. We believe the sell-off is disproportionate relative to fundamentals. EVgo remains one of the best-positioned U.S. charging platforms. We keep it on the watchlist and look for more attractive entry points.
Revolve Renewable Power (distributed renewables developer TSX-V: REVV)
Business:
Developer and operator of renewable energy projects across North America, with a growing pipeline exceeding 3 GW.
March performance:
Roughly flat (~0%), trading around C$0.19 with low liquidity.
Key March catalysts:
-Advanced Bright Meadows solar project in Alberta to Stage 3 interconnection
-Signed agreements for 16 distributed solar projects in Mexico
-Continued execution following February results and strategic financing
ESGFIRE view:
Execution remains strong. The company is steadily de-risking projects and building recurring revenue through distributed generation. The model is capital-efficient and scalable. Liquidity remains a constraint, but operational progress is encouraging. We continue to monitor closely.
Electrovaya (lithium-ion batteries NASDAQ: ELVA)
Business:
Develops proprietary lithium-ion battery systems for industrial and energy storage applications, with expansion into U.S. manufacturing.
March performance:
Approximately –2%, moving from ~$7.56 to ~$7.40.
Key March catalysts:
-AGM approvals, including governance changes and stock option plan expansion
-Progress toward U.S. redomiciling
-Continued investor communications around strategy
ESGFIRE view:
Fundamentals remain intact. The company is positioning itself strategically for U.S. growth and capital access. The stock drift reflects broader small-cap weakness rather than company-specific issues. We maintain a positive long-term view.
Greenlane Renewables (biogas upgrading systems TSX: GRN)
Business:
Supplies biogas upgrading systems for renewable natural gas production globally.
March performance:
Approximately –8%, declining from ~C$0.24 to ~C$0.22.
Key March catalysts:
-Q4/FY2025 results announcement (mid-March)
-Continued highlighting of technology leadership and installed base milestones
ESGFIRE view:
Weak share performance reflects lack of near-term catalysts rather than deterioration in fundamentals. The company’s installed base and global footprint remain strong. We are monitoring for new orders and commercial traction in its updated product lines.
Veritone (AI software platform)
Business:
Provides AI solutions for media, public safety, and enterprise data through its aiWARE platform.
March performance:
Approximately –35%, falling from ~$2.8 to ~$1.8.
Key March catalysts:
-Launch of Veritone Data Marketplace
-Strategic cloud agreement with Oracle
-Partnership with LeoSight
-Delayed earnings release, impacting sentiment
ESGFIRE view:
The stock was hit by both company-specific uncertainty (earnings delay) and broader AI-related volatility. However, recent partnerships and product launches are strategically meaningful. This remains a high-risk, high-reward opportunity. We continue to monitor closely.
Beam Global (off-grid solar EV charging NASDAQ: BEEM)
Business:
Produces solar-powered EV charging systems and resilient infrastructure for energy security and smart cities.
March performance:
Approximately –16%, from ~$1.63 to ~$1.37.
Key March catalysts:
-Expansion into smart-city infrastructure projects in Europe
-Launch of autonomous wireless EV charging platform (with HEVO)
-Continued deployments of EV ARC systems
-Record week of infrastructure orders
ESGFIRE view:
Operational momentum is improving despite weak share price performance. The company is successfully expanding beyond EV charging into broader infrastructure markets. We view the stock as oversold but require clearer profitability visibility before taking a position.
Non-public investment portfolio – March 2026 updates
ESGFIRE holds positions in the following private companies. We summarize any recent developments; if none, we note the latest known information.
Ola Media
Status in March:
No material updates in February or March 2026.
Latest public datapoints:
Latest disclosed information (2025) indicates development of a digital advertising platform linked to EV infrastructure.
ESGFIRE view:
Unchanged. We continue to monitor for commercial pilots or funding rounds. Execution risk remains, but the business model is aligned with EV ecosystem growth.
Alchemy
Status in March:
No confirmed material updates in February or March 2026.
Latest public datapoints:
Latest known (early 2026) indicates efforts to scale distributed biogenic CO₂ production and secure financing.
ESGFIRE view:
Unchanged. We monitor Alchemy’s IPO plans carefully.
Evanesce Packaging Solutions
Status in March:
No material updates in February or March 2026.
Latest public datapoints:
Latest known (2023–2025) includes funding rounds and expansion plans for compostable packaging production.
ESGFIRE view:
Unchanged. The company operates in a structurally attractive market sustainable packaging.
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
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.
The author holds shares and/or other securities of these companies and the relevant
companies may or may not have paid the author for content posted on this website. This
may impact the content on the website. Because of the above, ESG Fire urges the visitors to always analyze all the posts critically in an objective manner, e.g., concerning the reliability of the relevant source and of what constitutes the authors’ personal interpretations. The visitor is hereby reminded that the post does, as set forth in the Post, contain interpretations, estimates, or opinions of the authors. This post was written by Filip Erhardt , at ESGFIRE , published at March 29th, 2026.
Investing in stocks is combined with certain risks and it is possible to lose your entire investment. Our posts are made for Educational purposes only and are not to be interpreted as tips , financial advice or recommendations of any kind to either buy or sell any stocks.
Companies may or may not be paying us for content posted on this website
