Originally published on September 11, 2026*
**ESGFIRE returns since 2018: + 1000 %
This is a special double issue. No July report was released, so this edition covers both July 2026 and August 2026 in one report, with each month kept visibly separate inside every company block. Two portfolio events define the summer. First, Alchemy Labs went public on the TSX Venture Exchange under the ticker ALCH on 13 July 2026, moving from our non-public portfolio into the public portfolio – and, as we disclose below, we have concentrated the portfolio further into it. Second, Evanesce Packaging Solutions launched a new internal financing round with priority for existing shareholders, alongside a leadership change at the top of the company.
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How to read this report
The report follows the same framework as our monthly editions:
-Market – the macro backdrop and what drove capital flows in July and August;
-Takeaways– how we think investors should position after the summer;
ESGFIRE public portfolio – updates on our listed holdings, with a “Portfolio changes this summer” box;
ESGFIRE watchlist – companies we monitor for potential entry;
The Non-public investment portfolio*– our private investments.
Market outlook – July & August 2026
July
July was a month where the headline index hid the real story. The S&P 500 ended roughly flat (–0.1 %) while 59 % of its constituents rose and the equal-weight index gained about 1 %. The damage was concentrated in mega-cap technology: the Nasdaq-100 fell 6.6 % and the Philadelphia Semiconductor Index dropped 20.6 % (the iShares Semiconductor ETF had its worst month since December 2002), as the market questioned how much AI capex is already priced in. Small caps did not escape – the Russell 2000 fell about 3 % – but value and energy did well: the TSX Energy index rose roughly 16 % and the S&P/TSX Composite gained 1.1 % to record highs, while the S&P/TSX Venture Composite fell 3.3 %.
The macro backdrop was uncomfortable. On 8 July the U.S. launched strikes on Iran after attacks on vessels in the Strait of Hormuz, reversing the post-ceasefire slide in oil; WTI ended July up about 21 % and Brent about 24 %. The June jobs report (2 July) showed only +57k payrolls with downward revisions, while June CPI (14 July) printed 3.5 % year on year. The Federal Reserve held at 3.50–3.75 % on 29 July with three dissents in favour of a hike, and the 30-year Treasury yield ended the month above 5.25 %, its highest since 2007. Financing conditions for small caps were correspondingly tight: TSXV equity financings totalled C$694.7 million in July, down 12 % month on month.
August
August brought relief in price, if not in fundamentals. The S&P 500 gained roughly 2.5–2.7 %, its best August since 2021, and mega-cap tech reclaimed leadership (the “Magnificent 10” rose 7.5 % against nearly +1 % for the Russell 2000) after Nvidia reported quarterly revenue of US$96.2 billion. The bigger story for our universe was Canada: the **S&P/TSX Venture Composite rose 13.3 % in August** with volumes up 37 % month on month, driven by gold (up roughly 10–13 % in the month depending on the measure, with global gold miners up 43 %) and a broad bid for junior resource names after the weak U.S. jobs print on 7 August (–23k payrolls, with a further 103k of downward revisions).
Central banks stayed hawkish. Fed Chair Kevin Warsh used Jackson Hole (28 August) to say the Fed’s “predominant focus right now should be on prices”, with PCE running at 3.7 %; the market moved to price a possible September hike rather than a cut. The ECB held at 2.25 % (23 July), the Bank of Canada held at 2.25 % (15 July) and the Riksbank held at 1.75 % (20 August) while keeping the option of a hike open. Oil stayed elevated (Brent averaged about US$91 in August) with Hormuz traffic still a fraction of pre-war levels, and July U.S. CPI came in at 3.4 %. TSXV financings fell again to C$594.7 million (–14 % month on month), even as the index rallied – a reminder that price and primary-market access are two different things.
What is driving capital flows – summer 2026 in five points
-Large caps vs. small caps:
July was a rotation out of AI mega-caps into value, energy and equal-weight exposure; August reversed it as mega-cap tech reclaimed leadership. Small caps were whipsawed in the U.S. (Russell 2000 –3 % then nearly +1 %), while Canadian juniors went from –3.3 % to +13.3 % on the TSXV, powered by gold and resource sentiment rather than by clean tech.
– Rates and liquidity:
No cuts, hawkish dissents and a 30-year Treasury above 5.3 % kept the cost of capital high all summer. Primary-market financing on the TSXV declined in both months. Companies that had already secured capital – through an IPO, a strategic investor or a project-level facility – entered September in a very different position from those that had not.
– Inflation and jobs:
Headline U.S. inflation eased on lower gasoline (3.5 % in June, 3.4 % in July), but the labour market deteriorated sharply (+57k, then –23k, with large downward revisions). The combination – sticky core inflation and a weakening jobs market – is exactly the mix that keeps central banks on hold and small-cap multiples compressed.
– Energy and commodities:
Oil ran higher on the Iran conflict and the Hormuz deadlock; helium remained structurally short after the Qatar disruptions; copper traded near record highs; gold had its strongest month for miners on record in August. For our portfolio, the helium shortage is a direct tailwind (see Charbone), and the defence-spending cycle is a direct tailwind for Alchemy’s Crypsis platform.
– Geopolitics and policy:
The U.S. replaced its expired Section 122 global tariff with new Section 301 tariffs on 60 economies (24 July; USMCA-qualifying goods exempt) and signed Executive Order 14415 on defence supply chains (20 July), restricting Chinese-sourced magnets and critical metals in defence procurement. The EU pushed ahead with CBAM implementation guidance (August) and a new steel safeguard (1 July). Canada’s policy agenda – grid doubling, pipeline approvals and a data-centre build-out with more than 20 GW of projects under planning or development according to a government document reported in July – is, in our view, the most pro-growth in a decade.
Sustainability and policy angle
The summer confirmed the shift we flagged in May: the transition is now being financed as a matter of industrial competitiveness, energy security and defence resilience rather than climate policy alone. Executive Order 14415 makes critical-materials sourcing a procurement requirement, not an ESG preference; the EU’s CBAM guidance moves carbon pricing on imports from theory to compliance work; and Canada’s electricity and data-centre agenda ties clean power directly to AI infrastructure. Clean-energy equities as a group nevertheless had a poor July (down about 14 %), which tells you that the market is paying for the picks and shovels – power, gases, materials, protection technologies – and not for the label.
Canadian small-cap / TSXV sentiment
For most of our public holdings, the TSXV is the home market, and the summer was a tale of two months: –3.3 % in July with falling volumes, then +13.3 % in August with volumes up 37 %. The rally was led by gold and other resource names; financing activity actually fell in both months, and new listings dropped to three in August. Alchemy’s IPO in July was one of only five IPOs on the TSXV that month. In other words, sentiment improved for resource juniors, but the window for raising equity in technology and clean-tech small caps stayed narrow – which is why we weight financing visibility so heavily in the company sections below.
Takeaways for investors – summer 2026
1. Use dislocation, not headlines, as your entry signal.
July’s mega-cap sell-off and August’s junior-resource rally both moved prices far more than they moved fundamentals. In our universe, the most interesting entry points opened where a company delivered a milestone and the share price did the opposite – Alchemy trading below its IPO price while reporting its first Crypsis revenue and a defence NRE agreement is the clearest example, and it is where we put fresh capital this summer.
2. Financing visibility is still the primary screen.
TSXV financings fell in both July and August despite the August rally. Companies that closed capital this summer – Replenish’s C$15 million strategic investment from SRC Agrominerals, Alchemy’s C$13.7 million IPO, Clean Motion’s rights issue plus a first-stage EU funding approval, Revolve’s project-level facilities – can execute through a tight market. Companies that still need to raise are being priced accordingly, and Evanesce’s discounted internal round shows what that looks like in the private market.
3. Back the real-economy buildout, not the narrative.
Helium trailers, electrolyzers, pelletizing plants, windshield film kits, distribution agreements in the Gulf – the summer’s portfolio news was physical. Where the physical buildout is being funded and is visibly progressing (Charbone’s Phase 1B electrolyzer on site, Replenish’s Beiseker expansion, Evanesce’s Generation 2 line), we stay patient. Where the buildout is being talked about but not funded, we do not.
4. Concentrate where conviction and evidence meet.
We temporarily exited First Canadian Graphite and moved the proceeds into Alchemy Labs. This is a deliberate choice to hold fewer, higher-conviction positions at a point where the market is pricing a “wait” rather than a failure. That is our style, not a recommendation; concentration cuts both ways, and we say so in the Alchemy section.
Current ESGFIRE portfolio – public holdings (July & August 2026)
Portfolio changes this summer
What we sold:
Our entire position in First Canadian Graphite (TSXV: FCI) – a temporary exit.
What we bought:
Additional shares in Alchemy Labs (TSXV: ALCH), our newest public holding, using the proceeds. In plain terms: we went all in on Alchemy.
Why:
Concentration around our highest-conviction post-IPO idea. Alchemy is trading below its C$1.00 IPO price at a point where the company is reporting its first defence revenue, a paid NRE agreement with a Canadian defence textile supplier and a 38.7 % gross margin. First Canadian Graphite remains an early-stage exploration story whose next catalysts (drilling, permitting, financing) are further out.
What it means for First Canadian Graphite:
Nothing has changed in our view of the asset. Lac Guéret South and the 167 km² land package remain one of the more interesting natural-graphite positions in Quebec, and the company stays on our radar – it announced completion of Phase I exploration on its Zone 13 discovery and an option to expand its land package on 16 July 2026. We may return to the position when exploration results or financing clarity warrant it.
Alchemy Labs (Nanotechnology – Crypsis defence tech and ExoShield windshield protection
IPO price C$1.00
Key July developments:
-9 July: IPO of 13.7 million units at C$1.00 (one share plus half a warrant at C$1.50), gross proceeds C$13.7 million; trading began on the TSX Venture Exchange on 13 July. ESGFIRE published its pre-listing analysis the same day. For readers new to the name: ExoShield sells windshield-protection film (windshields with cameras and sensors now cost US$800–1,200 to replace); Crypsis makes coatings and textile treatments that hide soldiers and equipment from thermal imaging, sold through defence manufacturers and already field-validated by Canada’s Department of National Defence.
Key August developments:
-13 August: paid development (NRE) agreement of about C$250,000 with a Canadian textile manufacturer supplying the Department of National Defence, to integrate Crypsis into military garments in three milestone-gated phases; a commercial agreement may follow.
-19 August: Q2 results – revenue C$581,000 (+17 %) including the first-ever Crypsis revenue (C$71,000); gross margin 38.7 % versus zero a year earlier; net loss C$1.57 million. ExoShield added the Ford F-Series on 4 August, taking its pre-cut kits to more than 20 vehicle models.
-31 August: independent write-up by The Stock Avengers, “ALCH Below the IPO: Waiting on Sign-Offs, Not Progress” (https://thestockavengers.substack.com/p/alch-below-the-ipo-waiting-on-sign) – their view, not ours: the stock is slightly below its IPO price because the market is “pricing the wait” for customer sign-offs, not because the business has stalled.
ESGFIRE view (updated):
We are shareholdersand this summer we made Alchemy our largest position – our opinion and risk appetite, not advice. The IPO solved the financing question, Q2 delivered a near-39 % gross margin and the first defence revenue, and the NRE agreement is a paying defence customer at a time when Western governments want non-Chinese supply chains. The stock nonetheless closed August a quarter below its IPO price, and the market is right to demand signed contracts rather than pipeline; if sign-offs slip into 2027, the shares can stay under C$1.00 longer than we would like. We hold because we think the evidence is being built faster than it is being priced and because Alchemy has strong similarities to XPEL which made a journey from 0.17 USD to 100 USD and we believe Alchemy has even more potential.
Clean Motion (Public EV Manufacturer First North: CLEMO)
Key July developments:
-1 July: exclusive distribution agreement with Dubai-based Averroes for the Gulf region, with an initial order of about SEK 8 million.
-9–27 July: rights issue of units at SEK 0.10 – about 49 % subscribed plus 21 % via guarantors, roughly SEK 10 million gross after ~SEK 4 million of loan set-offs, ~41 % dilution for non-participants; TO4 warrants exercisable in January 2027 for up to a further ~SEK 16.7 million.
-14 July: the EUR 7.5 million EIC Accelerator application (EUR 2.5 million grant plus EUR 5 million equity) passed the first stage; decision expected around Q4.
Key August developments:
-21 August: half-year report – net sales SEK 2.5 million (1.4), EBITDA SEK –8.8 million (–6.0); cash SEK 0.6 million at 30 June, before the rights-issue proceeds.
ESGFIRE view (updated):
Filip Erhardt of ESGFIRE sits on Clean Motion’s board – read this as an insider’s view hence EGSFIRE is refrained from making comments about the company.
Replenish Nutrients (Regenerative fertilize CSE: ERTH)
Key July developments:
-20 July: strategic relationship with SRC Agrominerals, owner of the Spanish River Carbonatite deposit – C$15 million in two tranches (C$7.5 million in units at C$0.15, closed 23 July, and a C$7.5 million 10 % convertible debenture, closed 20 August), a ten-year carbonatite supply agreement, a board seat for SRC CEO Tim Close, and a new owned 150,000-tonne pelletizing plant at Beiseker (Q1 2028) – roughly five times today’s capacity.
Key August developments:
-27 August: Q2 results – revenue C$978,000, down about C$0.5 million year on year as blended product is phased out for granulated; gross margin –18 % (–30 % for the half); net loss C$1.57 million. Granulated volumes up more than 1,200 tonnes; Beiseker targets 2,000 tonnes a month, the colony pellet line about 1,600, and the licensed FUE and MJ Ag facilities are due to commission in Q4.
ESGFIRE view (updated):
The summer answered the capital question: a strategic investor that has spent fifteen years commercialising the very mineral Replenish uses has put in C$15 million, locked in supply and funded a five-fold step-up in owned capacity. The stock re-rated 75 % on that deal – not on the numbers, which were weak: revenue fell during the transition and gross margin was negative, far from Q1’s 29 % and the 25–35 % target. Management blames the ramp, and granulated volume growth supports that, but H2 now has to show up in the P&L. We watch Beiseker and the colony line hitting their monthly rates, FUE and MJ Ag commissioning in Q4, and margin turning positive .
Charbone Hydrogen (Green Hydrogen Producer TSX venture: CH )
Key July developments:
-7 July: Sorel-Tracy Phase 1B update – civil works under way, production equipment due within weeks, start-up targeted for the fall.
-16 July: helium fleet expanded from one trailer to five, with five more possible within months, and 22 new helium customers in Quebec with agreements through 2028 – a direct beneficiary of the global helium shortage.
Key August developments:
-5 August: preliminary Q2 gas income of about C$0.5 million, +155 % on Q1; first-half C$0.6 million, roughly three times all of 2025.
-18 August: Phase 1B electrolyzer delivered to Sorel-Tracy (an upgraded 1.75 MW unit per the FY2025 MD&A); fall launch “on track”, with installation, testing and commissioning still ahead. Full Q2 statements followed in late August [insert net loss, cash and share count].
ESGFIRE view (updated):
Q2 is the first quarter in which the shape of the business shows in the numbers: a distribution business first – helium and oxygen trailers, new customers, cross-selling – and a production business second. That is a smart response to a helium market that handed Charbone a demand shock, but it means the fall commissioning of Phase 1B is the only 2026 event that materially changes the financial profile, and the electrolyzer arriving is a step, not the finish line. The caveat is unchanged and central: a capital-intensive buildout funded by a 12 % convertible and new shares, with the share count up nearly a third in eight months. We judge the autumn on commissioning, not announcements.
Non-public investment portfolio – Events and important updates
ESGFIRE holds positions in the following private companies. We summarize any recent developments; if none, we note the latest known information.
Ola Media
Ola Media
Status in July/August:
No material public updates in July or August 2026.
ESGFIRE view: Unchanged. We continue to monitor for commercial pilots, a funding round or listing progress.
Evanesce Packaging Solutions
Status in July: No public updates.
Status in August:
Shareholder update on 28 August with a new President, a new financing round with priority for existing shareholders, and several operational milestones; shareholder call held 1 September.
Latest public datapoints:
-New President: Jeff Carl – 30+ years of international management, former Global Vice President at McDonald’s Corporation, former CMO of several private and public companies including Tavistock Group’s restaurant holdings, former director of NASDAQ-listed Sadot Group, and an advisor to Evanesce for the past year. Founder Douglas Horne continues as Founder and Director.
-Financing: units at C$0.75 (one share plus half a two-year warrant at C$1.00), offered first to existing shareholders for a limited time, then to outside investors. Priced below all previous rounds – the board’s stated intent is a meaningful discount for existing holders. Proceeds fund operations, inventory, capex, payables and working capital as Generation 2 and the customer programmes advance. Subject to securities laws and eligibility.
-Generation 2: fully automated dual-line system with up to ~8x Gen 1 capacity, funded by JV partner Bell and Associates (Burnaby, BC); first line built and commissioned in China, now shipping to Burnaby for a 50/50 JV, production expected Q1 2027. Gen 1 in South Carolina stays operational for the Corning programme.
-Customers: Corning Life Sciences – initial requirement ~2 million units, two StarFybr centrifuge-tube trays targeted for Q4 2026. Continued progress with HAVI/TMS in the McDonald’s packaging supply chain. Genpak (invested C$1 million in 2025) signed an MOU as converter/licensee for the Cargill meat-tray opportunity. IP: 11 issued patents, 22 pending.
ESGFIRE view:
ESGFIRE is an existing shareholder and has an advisory relationship with Evanesce. This is an upgrade on three fronts: an operator with McDonald’s and public-company experience as President just as the company works its way into the McDonald’s supply chain; three named customers with concrete next steps; and an eight-fold capacity step-up paid for by a partner rather than shareholders. For existing holders, C$0.75 with a half-warrant at C$1.00 is a real discount ( although this is an internal round). But a round below all previous rounds is a down round, reflecting licensing and customer programmes that have taken longer than planned and the capital needed to reach Gen 2 commissioning. Corning’s volumes are an initial requirement, Genpak is an MOU, and Q1 2027 is a target for a line still crossing the Pacific.
Reach out directly to Filip@esgfire.com if you wish to discusss
ESGFIRE watchlist – July & August 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.
Performance: July –17 %, August –15 %, two months –30 %
Key July catalyst: No major company announcement in July.
Key August catalyst: 5 August – Q2 results: charging revenue +19 % (18th straight quarter of double-digit growth), but total revenue –16 % and full-year guidance cut to US$400–430 million (from US$410–470 million). New agreement to deploy EVgo-owned Tesla V4 Superchargers. Shares fell about 12 % on the day.
Interpretation: A guidance cut on top of May’s soft guide is a sentiment problem that stall growth cannot fix in the short term. The charging business keeps compounding and liquidity is not the issue; we wait for the quarter in which growth and cost discipline produce a clean EBITDA trajectory.
Revolve Renewable Power (distributed renewables developer TSX-V: REVV)
Business: North American owner, operator and developer of renewable projects, with a development pipeline now exceeding 3,000 MW.
Performance: flat in both months (C$0.18; thinly traded).
Key July catalyst: No announcements in July.
Key August catalyst: Acquisition of six operating battery-storage projects in Ontario (14.2 MW) for C$7.6 million, funded by a US$11 million bridge loan at 20 % PIK (closed 12 August); 27 August – US$24 million project-level financing facility with Banco Multiva for the Mexican solar portfolio.
Interpretation: The busiest and most constructive summer on the watchlist – operating capacity roughly doubled and long-dated bank debt secured – and the share price did nothing. The bridge loan needs refinancing; if that lands, the gap between execution and price becomes hard to ignore. Our top watchlist priority.
Electrovaya (lithium-ion batteries NASDAQ: ELVA)
Performance: July –22 %, August –19 %, two months –37 %.
Key July catalyst: 15 July – commercial relationship with Amazon, with warrants over 13.9 million shares vesting against purchases of up to US$280 million (shares +49 % on the day, later given back).
Key August catalyst: 10 August – Q3 FY2026: record gross margin 34.9 %, sixth consecutive profitable quarter, but full-year revenue guidance cut to US$70–73 million (from over US$83 million) on customer push-outs; first Jamestown deliveries targeted Q2 2027.
Interpretation: The most important commercial validation yet, followed by a guidance cut the market found more important. The business is doing what we praised in May – growing margins while staying profitable – and the push-outs are timing, not lost business. At the lower price, this is the watchlist name where our interest has increased most.
Greenlane Renewables (biogas upgrading systems TSX: GRN)
Performance: July 0 %, August –7 %, two months –7 %.
Key July catalyst: No announcements in July.
Key August catalyst: 13 August – Q2 results: revenue C$11.3 million, gross margin 41 %, adjusted EBITDA near breakeven, cash C$12.1 million and no debt, but backlog down to C$25.6 million from C$31.5 million at Q1. 19 August – C$2.5 million order from an existing U.S. RNG customer.
Interpretation: A steady quarter in a market that wanted acceleration. Balance sheet clean and the Panasonic Brazil localisation on schedule, but backlog fell almost 19 % in the quarter. Greenlane is one large order away from being interesting again.
Veritone (AI software platform)
Business: Provides enterprise AI and data solutions through its aiWARE platform, Veritone Redact and the Veritone Data Refinery (VDR).Performance: July –20 %, August –28 %, two months –42 %.
Key July catalyst: Incremental news only (Pac-12 renewal, DOE Genesis Mission consortium).
Key August catalyst: 13 August – Q2 results: revenue US$24.3 million, below consensus; full-year guidance cut to US$100–115 million from US$130–145 million; cash halved to US$12.4 million; US$45.5 million of convertible notes due November 2026; profitability target moved to H1 2027. Shares fell about 23 %.
Interpretation: In May we called this execution versus sentiment. After Q2 it is no longer only sentiment: named-customer progress is real, but this is now a liquidity question. We watch; we do not approach until the convertible is refinanced.
Beam Global (off-grid solar EV charging NASDAQ: BEEM)
Business: Produces solar-powered EV charging systems (EV ARC™) and resilient infrastructure for energy security and smart cities.
Performance: July –19 %, August +35 %, two months +9 %.
Key July catalyst: 28 July – fourth City of Dallas order (ten EV ARC systems).
Key August catalyst: 19 August – Q2 results: revenue US$8.6 million (+21 % year on year, almost triple Q1), gross margin back to positive, net loss US$3.1 million, no debt – but cash of only about US$1 million. Manufacturing relocated to Yuma, Arizona. Shares +26 % after hours.
Interpretation: In May we said the test was converting backlog into revenue; Q2 did exactly that, and the August rally is the market noticing. The concern has shifted from demand to cash: US$1 million is thin for a manufacturer, even with an unused credit line.
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
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