Originally published on 3/6 2025
ESGFIRE returns since 2018: + 1000 %
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Market Commentary & ESG Outlook: Signs of Calm, Sparks of Growth
May was a month of mixed signals, but also growing optimism — especially for investors focused on the future. Global stock markets mostly moved sideways as investors kept one eye on interest rates and the other on the economy. The good news? Inflation in the U.S. continued to cool off. The Fed’s preferred inflation gauge rose just 2.1% in April, giving markets hope that interest rate hikes are finally behind us.
Meanwhile, over in China — the world’s second-largest economy — manufacturing is still struggling to pick up steam, a reminder that global growth won’t be smooth sailing. But even in this uncertain backdrop, tech and digital innovation companies showed strength, with strong earnings powered by continued momentum in AI and cloud services.
On the sustainability front, the outlook remains exciting. A new report predicts that the green tech and sustainability market will nearly triple in size by 2030 — jumping from $25.5 billion today to nearly $74 billion. That’s a massive vote of confidence in technologies that help tackle climate change, improve efficiency, and drive clean growth.
And it’s not just talk — money is flowing in. Green bonds (used to fund climate-friendly projects) are seeing record demand and are expected to hit $600 billion in issuance by 2026. That’s serious capital being deployed toward a more sustainable future.
We’re also keeping a close eye on the upcoming COP30 climate summit, which is expected to drive new global commitments and investments in renewable energy, electrification, and sustainable infrastructure. These policy tailwinds, combined with innovation in areas like precision medicine and biotech, are pushing our ESGFIRE portfolio themes into the spotlight.
What’s Next?
As inflation cools and green investments heat up, the outlook for ESG remains strong. Sure, there are still challenges — like slow growth in parts of Asia and geopolitical tensions — but the broader trend is clear: the world is moving toward a cleaner, smarter, and more sustainable economy. And ESG-focused investors are positioned right at the heart of it.
Current ESGFIRE portfolio
Clean Motion Update for May 2025
Performance Year-to-Date (YTD): + 130 %
In May 2025 Clean Motion – a Swedish manufacturer of lightweight electric delivery vehicles – announced several major developments that advance its strategy of scaling solar-powered urban transport. The company bolstered partnerships with last-mile delivery innovators, highlighted its EVIG vehicle’s low-energy design, and secured additional EU R&D funding. Clean Motion also reported first-quarter results and saw its stock rally, reflecting investor enthusiasm for its climate-smart EV platform.
Key Developments: Clean Motion’s press releases in May spotlighted multiple strategic collaborations and projects:
-Think Lean AB rental service:
Think Lean AB (owned by Clean Motion’s founder) ordered four EVIG vehicles to launch a climate‑smart last‑mile rental service in Sweden . Working with local entrepreneurs in Lerum, the initiative will demonstrate how lightweight electric carriers can cut emissions and increase efficiency in urban freight. The vehicles (two new, two demo models) were sold at market price (about a 8% discount) . Chairman Göran Folkesson said his investment signals commitment to new mobility services even as public policy lags on environmental goals .
-Bosch partnership at Elfack:
At Sweden’s Elfack 2025 trade fair (May 7), Clean Motion teamed with Bosch and Sortimo to showcase the EVIG “work vehicle of the future” . EVIG was equipped with a customized interior and Bosch’s tools to meet the needs of electricians and service technicians. This demonstration highlighted how an energy-efficient electric vehicle with modular cargo space can meet professional transport needs without emissions . The collaboration exemplifies how Clean Motion’s lightweight, solar‑panel‑topped EVIG can integrate into real-world industry workflows (Bosch now manufactures EVIG in Gothenburg using Bosch tools ).
-Airmee LOI for EVIG supply:
Clean Motion signed a letter of intent with Airmee (a major Swedish last‑mile delivery provider) to supply solar‑charged EVIG vehicles after a successful Gothenburg pilot . Airmee tested EVIG in April–May and found that the vehicle “meets the operational, environmental, and urban challenges of last-mile logistics,” said Airmee’s CEO . Clean Motion’s CCO, Christoffer Sveder, noted that Airmee’s feedback validates EVIG’s efficiency, and Clean Motion CEO Ulf Rask said the partnership could require accelerating production in 2025 to scale up EVIG deliveries . This deal positions EVIG for wider adoption in Sweden’s growing emission-free courier segment.
-MoveByBike pilot (Malmö):
The EVIG was also deployed in a summer-long pilot with MoveByBike, a pioneering “cargo bike” delivery company in Stockholm, Copenhagen, and Malmö . MoveByBike’s interim CEO praised EVIG’s light weight, low energy use and integrated solar roof – noting it is “perfect for urban driving where efficiency and sustainability must go hand in hand” . Clean Motion’s CCO added that the collaboration proves EVIG’s appeal as a complement to bike-based fleets. Results of the Malmö trial will guide future electrification plans for MoveByBike.
-EU R&D funding – SOLAR‑MOVE project:
Clean Motion announced it will receive €290,000 (≈SEK 3.1M) from EU Horizon’s new SOLAR‑MOVE consortium (total budget ~€8.15M) to further develop its solar-charging technology . In this 35‑partner project (including the Danish postal service), Clean Motion’s share of the ~€400,000 project is ~€290,000 funded by the EU, starting Q4 2025 . CEO Ulf Rask noted this grant “confirms the leading role we play” in future transport vehicles and will enable scaling of Clean Motion’s solar panels . Combined with the ongoing GIANTS project (≈SEK 8M remaining), this brings total secured EU innovation funding to ~SEK 11M , underwriting product development.
Financial Results:
Clean Motion published Q1 2025 earnings on May 15. The report showed modest revenue and a widening loss, reflecting continued investment in growth. Sales (vehicle deliveries) were SEK 0.061M in Q1 2025 (vs. SEK 0.038M a year earlier) and total revenue was SEK 0.379M (vs. SEK 1.27M) . Net loss was SEK 5.47M (vs. SEK 4.00M), mainly due to scaling costs. (Analysts noted the loss grew to ~SEK 5.5M , consistent with management’s guidance.) The balance sheet remains supported by the new EU grants . Clean Motion emphasized that its core vision – lightweight, energy‑efficient EVs for cities – is intact, and that ongoing R&D (now largely grant-funded) will drive future growth. The company could see a possible capital injection by September if the TO3 warrant is exercised.
Replenish Nutrients Update for May 2025
Performance Year-to-Date (YTD):+ 75 %
In May 2025, Replenish released its Q1 financial results and announced several corporate updates. Key highlights for the month include enhanced profitability and financing, a major plant commissioning update, and continued emphasis on ESG-driven product development:
Financial strategy & results:
In early May, the board approved the grant of 5.26 million stock options to directors, officers and employees (exercise price $0.08, vesting over 2 years, expiring in 3 years) . These incentives align management with shareholder value as the company scales. Replenish also secured roughly $5.6 million of new debt and equity financing (about $1.4 M in Q1 and $4.2 M after quarter-end) . These funds will complete final upgrades at its Beiseker granulation plant and cover working capital needs, including settlement of ~$0.6 M in payables. The May update reaffirmed that the company’s spring crop season preparations are fully funded. Meanwhile, first-quarter revenues were $0.4 million (down from $1.3 M year-over-year due to normal seasonal cycling) and gross profit was $0.1 M . Importantly, gross profit percentage and operating cash flow improved significantly despite the revenue decline , reflecting strong operating leverage. Management noted that customer demand remains robust and is already outpacing prior-year levels in Q2 (a key growth indicator).
Operational scaling & production:
Replenish reported major progress at its Beiseker facility. Interior construction upgrades there are now complete, and the plant is moving into final automation and commissioning stages. Once fully online (expected by mid-2025), Beiseker is projected to reach ~2,000 metric tonnes per month of fertilizer output (about 24,000 tonnes per year) . Notably, the company already has firm sales commitments for the first 6,000 tonnes of Beiseker production . This strong order book validates the high demand for Replenish’s blended and granulated products. With these upgrades, the company is on track to unlock positive EBITDA and cash flow from its expanded capacity. (Looking ahead, Replenish has indicated it will pursue additional facilities – e.g. planned granulation plants at DeBolt and Bethune – once this funding is in place, as part of its multi-facility growth strategy.)
ESG and sustainability:
Sustainability remains at the core of Replenish’s mission. The fertilizers are produced through a closed-loop, zero-waste process that recycles nutrients and minimizes environmental impact. Management emphasized that its products are 100% Canadian-made with nearly all Canadian-sourced inputs . This not only reduces carbon footprint by avoiding long-distance raw material transport, but also bolsters Canadian agri supply chains and jobs. In its business update, the company highlighted that Canada’s large and resilient agriculture market provides a strong backdrop for its products . By focusing on regenerative agriculture and soil health, Replenish is positioned as a local leader in the global shift toward eco-friendly farming inputs.
Strategic outlook:
Overall, Replenish’s May announcements paint a picture of a company transitioning from development to commercial scale. The financial measures (new financing and stock incentives) provide the runway to complete critical plant upgrades, while the operational updates show tangible progress toward the company’s capacity goals. With the Beiseker expansion on schedule for mid-year and solid pre-orders in hand, the firm expects sales, margins and cash flows to grow meaningfully through 2025. At the same time, its ESG-centric products – organic, nutrient-rich fertilizers – are gaining traction amid growing regulatory and consumer demand for sustainable agriculture. In sum, Replenish is steadily advancing toward its strategic goals: scaling production, improving profitability, and cementing its role in Canada’s regenerative agriculture sector
Landi Renzo update for April 2025
Performance Year-to-Date (YTD: -35 %
Following massive under performance in both execution and deliverables ESGFIRE have decided to sell the position in Landi Renzo.
Non public investment portfolio Outlook
Alchemy: The company is still anticipated to go public at either Q3 or Q4 of 2025. The business outlook is strong, with new partnerships enhancing its market position. ESGFIRE expects a value appreciation of somewhere between 300-500 % on this investment.
Evanesce Packaging Solutions: Evanesce have due to strategic realignments and priorities decided to aim for an IPO in Q4 of 2025 on Canadian exchanges or NASDAQ.
Ola Media: The company is finalizing a capital round with plans to go public in Q4 of 2025, promising substantial returns of between 500-1000 % for the ESGFIRE portfolio .
Captico2: Captico2 remains in the restructuring phase.
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.
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Website: www.esgfire.com
Group CEO: Filip Erhardt
Email: Filip@esgfire.com
Telephone:+46701609605
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