Originally published on February 1st, 2023
ESGFIRE returns since 2018: + 1100 %
ESGFIRE returns year to date 2023 +: 19 %
NASDAQ returns year to date 2022: + 10,62 %
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Portfolio Update short summary for January
Finally in January of 2023 some risk apetite has returned to the markets which has been very welcomed for atleast some of the ESGFIRE portfolio companies!
Stock markets in general have been more positive sentiment wise since many now believe that the inflation peak has passed, atleast in the United States.
Europe is another matter and we expect the ECB to continue to raise rates at least for a little while longer which also goes for our domestic market which is Sweden.
We remain 100 % invested.
Current ESGFIRE portfolio with Monthly performance for january 2022.
YTD returns: – 13 %
Position in ESGFIRE portfolio: 10,6 %
Market comment: Absolicon finished off 2022 with two orders of production lines , one to Canada and one to Egypt. The company also signed a new framework agreement with a spanish partner. We think Absolicon hopefully in 2023 will be able to sign many more real orders from their framework agreement sales pipeline.
For 2023 we believe if there is such a “ketchup effect” that the company beleives there could be a potential of 3-4 production lines being sold totalling $20-25 million USD in revenues. Absolicon have signed in total 21 framework agreements and totals a sales pipeline exceeding $120 million USD. One production line should produce one off revenues of 4-5 MUSD and recurrent revenue of 3-4 MUSD annually.
YTD returns: +14,65 %
Position in ESGFIRE portfolio:3,78 %
Market comment: Biofrigas gave a positive announcement recently which can be read with our comments HERE. We chose to increase our position after the announcement that they are aiming to enter the German market for liquid biogas.
YTD returns: -3,5 %
Position in ESGFIRE portfolio: 3,4 %
Market comment: Earthrenew is valued at less than 0,5 X sales for 2022 and we would not be surprised to see the company maybe even turn a small profit on EBITDA level for 2022 . The ESGFIRE portfolio got smacked for buying more stocks at 30 cents just as the company announced a new private placement. Fundamentals are however very sound with increasing revenues however gross margins are a bit worrying. The company expects revenues of 27- 30 MCAD for 2022 and we would be surprised if revenues for 2023 did not exceed 43 MCAD according to their latest investor presentation. The main concern right now is how the company is supposed to fund its future growth, this is most likely putting a cap on the valuation for the moment.
Vicinity Motor Corp
YTD returns: – 6,48 %
Position in the ESGFIRE portfolio: 10 %
Market comment: Vicinity Motors are currently waiting for their latest Ferndale US operated facility to come online. We expect a strong 2023 but deliveries in quantity may take some time to materialize meanwhile the sales pipeline looks strong.
Fusion Fuel PLC
YTD returns: – 9,05 %
Position in the ESGFIRE portfolio: 5,2 %
Market comment: Fusion fuel has come down a bit after doubling during november for no apparent reasons.
We still think the company is worth holding for the long term and are positive.
Compleo Charging Solutions
YTD returns: +185 %
Position in the ESGFIRE portfolio: 10,9 %
PLEASE NOTE , we have temporarily sold our position in Compleo on February 1st due to the risks outweighing the rewards which you can read about HERE.
Compleo stock is up close to 800 % since the lows after delivering the news of self administration due to insolvency. However the company surprised positively by delivering a big order recently and also giving investors confidence in an update that we strongly suggest you read and can be found clicking HERE.
YTD returns: + 24 %
Position in the ESGFIRE portfolio: 11,7 %
Market comment: Norditek delivered a very strong Q4 report for 2022 delivering 13 out of 20 million in their delayed sales pipeline which had been delayed due to supply chain issues. The profit margin was also very impressive.
After having visited the company in person during December 2022 we think there is little competition on the market and the company’s internal organic growth of 15 % should definately be achievable and probably substantially higher.
Norditek is a profitable clean tech company active in the mobile recycling industry. They sell, lease or rent sorting plants and inhouse made machines and in this way they recycle materials into sellable products. They mainly handle and recycle materials from construction sites.
YTD returns: -3,43 %
Position in the ESGFIRE portfolio: 6,8 %
Market comment: This small Swedish company has a hyper interesting last mile delivery vehicle. There are several peers valued at 10-20 X the market cap of Clean Motion. The company has begun taking orders for their new last mile delivery vehicle which has solar cells on the roof and charges itself! The company currently has capacity for 500 vehicles per year which implies 5-6 MUSD revenues per year however the plan is to scale this up to 5000 vehicles per year before the end of 2023 which equals roughly 50-60 MUSD per year. The stock has had some recent downward pressure to do an options offering where the redemption price was 1,47 SEK. We expect the share price to return to its recent highs when orders start flowing in hopefully during Q1-Q2 of 2023.
YTD returns: +3,75 %
Position in the ESGFIRE portfolio: 6,8 %
Market comment: This hydrogen and RNG mobility company is set for massive growth seems quite undervalued with more than 100 % upside according to external analysis. We recommend you read THIS analysis on the company for more information.
Clean industry solutins holding:
Sold due to better options on the market, we will inform our readers in due course of our newest additions to the ESGFIRE portfolio.
Lion E-mobility is developing at an impressive pace, however we had to sell our position atleast temporarily to finance a larger position in Compleo Charging Solutions.
We have chosen to sell this position due to the worrying financing situation for the company. We will await possible solutions for the company to find more working capital before possibly reentering.
The company has had little news lately and since their revenues are yet small and the valuation currently is 9,75 X sales for 2022 and 3,9 X sales for 2023 we have decided to stay on the sidelines for a while to evaluate which direction the company is taking. We may re enter our position.
We have a number of positions in unlisted companies which we anticipate will go public through initial public offerings within the next 6-18 months.
Evanesce packaging solutions
As a sustainable technology innovator,Evansesce is revolutionizing sustainable packaging with 100% compostable and affordable plant-based solutions.
ESGFIRE and those of our readers who invested in the company entered at a valuation of 30 MCAD implying a likely 12-24 X upside to our initial investment.. The company is likely going public in second quarter of 2023 on one of the Canadian stock exchanges.
The vision of Captico2 is to be the world leading in offering high impact Carbon Capture Utilisation and Storage technologies (CCUS). Captico2 can capture mineralize and transform carbon dioxide into a valuable and sellable commodity in less than 60 seconds. The company aims to pre-sell 10 full scale units in 2022 creating potential revenues of 160 million EUR. The company currently has a 500 million USD sales pipeline.
Captico2 is currently negotiating a 10 MUSD Series A financing which will enable them to proceed with their TRL 7 testing. So far out of the 10 MUSD Series A 5 M USD has been comitted by Norwegian VC firm Valinor.After the TRL 7 is finished they have a written order of 10 units totalling 160 million MUSD with a possible EBITDA profit of 50 %. Our calculations imply that the investment could render a wooping 20-35 X our initial investment if things go according to plan based on a 10 X EBITDA projection only for the single order mentioned above.
OLA MEDIA is a network of interactive touch screens located exclusively in the backseat of Ubers. By leveraging innovative technologies and captivating spaces, they help brands create engaging experiences with a high value audience.
Ola Media is currently closing a capital round which implies a 250 % upside for our initial investment. The company is likely going public during the second quarter of 2022 at either Canadian exchanges or NASDAQ.
Alchemy is developing innovative nanocoating solutions to the challenges faced by many industries. Their coatings are designed to repel water, dirt, and ice while maintaining the high transparency, mechanical durability, and weatherability specifications for advanced sensor systems used in harsh environments. The company has a deal with the Canadian army and this may be further increased during this fall which could imply a 3-5 X valuation of our initial investment.
Most likely going public by Q3 -Q4 of 2022 .
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.
We own shares of these companies personally.
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