Originally published on 1/9 2025
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 Commentary & Small-Cap ESG Outlook (August 2025)
Global markets navigated August with cautious optimism. Inflation continued to cool in major economies, allowing many central banks to pause or even ease interest rates – a supportive backdrop for equities. For example, the U.S. Federal Reserve stayed on hold, emphasizing a data-dependent approach, while Australia’s central bank surprised markets by holding rates steady as inflation hit its slowest pace in four years. This relief from monetary tightening helped stabilize risk appetite through late summer.
Notably, small-cap stocks staged a comeback in August after lagging earlier in the year. The Russell 2000 Index jumped approximately 4–5% during the month, while large-cap benchmarks were roughly flat. (Indeed, the Russell 2000 outperformed the Russell 1000 in July as well, 2.68% vs 2.59% total return.) This relative strength in smaller companies – often more sensitive to financing costs – underscores how even modest rate relief can boost the “little guys” first. Investors rotated back into overlooked small-caps, encouraged by their attractive valuations and the prospect of an improving economic outlook.
Policy tailwinds for ESG investing also remained intact. In Europe, the new EU Packaging & Packaging Waste Regulation (PPWR) – which entered into force in February 2025 – is set to enforce strict recyclability and compostability targets by 2026. This regulation mandates that all packaging be recyclable by 2030 and phases out harmful substances (like PFAS “forever chemicals” in packaging) by August 2026. Such measures are already stimulating demand for sustainable packaging and materials, a clear positive for companies in the ESGFIRE portfolio that specialize in eco-friendly alternatives. Meanwhile, the summer of 2025 tragically underscored the urgency of climate solutions: record heatwaves and wildfires raged across North America and Southern Europe, with scientists estimating that the extreme fire weather in the Mediterranean was made 10 times more likely by climate change. These climate extremes are spurring policymakers and businesses to double down on decarbonization and resiliency efforts – reinforcing the long-term growth case for clean-energy, clean-transport and sustainable agriculture investments.
Against this backdrop, ESGFIRE’s portfolio companies continued to advance their missions through August. 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) – August 2025 Update
Performance YTD:
+35 % (share price change Jan 1 to Aug 31).
Operational & Financial Highlights:
Clean Motion reported its Q2 2025 results in August, showing continued growth. Second-quarter sales more than doubled to SEK 1.3 million, driving total revenue up 21% year-on-year to SEK 2.51 million. Net loss narrowed to SEK 2.68 million from SEK 3.44 million in Q2 last year, as initial deliveries of the company’s EVIG electric vans boosted topline and cost-control efforts began to bear fruit. The improving results indicate Clean Motion’s lightweight EVs are gaining traction in the market while the company manages its expenses.
Key August Developments:
Clean Motion also unveiled a new innovative use-case for its EVIG vehicle. On August 25–26, the company premiered a “mobile shop of the future” concept at the Disrupt Retail conference in Stockholm. In partnership with Swedish eyewear brand CHIMI and fintech provider Swish, an EVIG van was outfitted as a roving pop-up store, allowing conference visitors to purchase sunglasses directly from the solar-powered vehicle via self-scanning and mobile payment. This pilot demonstrated a frictionless retail experience: customers simply grab an item from the EVIG, scan a QR code, and pay instantly with Swish on their phone – no checkout counters needed. The EVIG mobile store showcases the flexibility of Clean Motion’s EV platform and its solar roof, combining sustainability, technology, and commerce. “We aim to create platforms for sustainable urban commerce,” said Clean Motion’s CCO, noting that the concept allows brands to meet customers in a mobile, convenient, and eco-friendly way. This novel application – essentially a green, pop-up store on wheels – garnered significant interest and highlights how Clean Motion’s vehicles can unlock new markets (like event retail and last-mile services) beyond traditional delivery fleets.
Overall, Clean Motion enters the fall with positive momentum. Its focus on ultralight, energy-efficient vehicles for city use is timely, as urban logistics operators seek cost-effective electric options and retailers explore creative ways to reach customers sustainably. With new funding from EU grants supporting R&D and a possible warrant exercise in September bolstering cash, Clean Motion is positioned to accelerate EVIG production to meet growing demand.
Replenish Nutrients (Public Sustainable Fertilizer) – August 2025 Update
Performance YTD:
+112% (share price change Jan 1 to Aug 31). Replenish’s stock has more than doubled this year, reflecting strong execution in scaling its regenerative fertilizer business.
Operational & Financial Highlights:
In late August, Replenish announced robust Q2 2025 financial results. Quarterly sales reached CAD $1.47 million, a ~67% increase from $0.88 million in Q2 2024. Improved pricing and higher volumes drove the revenue gain. The net loss for Q2 was CAD $1.3 million, essentially flat versus the $1.34 million loss a year ago – a notable improvement in profitability given the prior-year loss included higher revenues. This implies Replenish’s gross margin and operating efficiency have improved as the company scales production. Indeed, management highlighted that gross profit percentage rose on the back of better pricing spreads and operating leverage. With first-half 2025 sales of $1.88M and net loss of $2.52M (versus $2.9M a year prior), Replenish appears on track toward its goal of positive cash flow as new facilities come online.
Key August Developments:
The major milestone in August was the commissioning of Replenish’s new Beiseker fertilizer plant in Alberta. On August 7, ESGFIRE applauded the company for successfully completing Phase 1 commissioning at Beiseker and beginning initial production runs of its proprietary granulated regenerative fertilizers. With most interior construction finished, the facility is now moving through final automation and scale-up. Replenish expects to ramp Beiseker’s output to 2,000 tonnes per month at full capacity, which translates to roughly 24,000 tonnes per year. At anticipated pricing of $550–$650 per tonne for its product, that volume equates to about CAD $13–16 million in annual revenue once fully ramped. Moreover, the company projects 30%+ gross profit margins on these sales, supporting a healthy ~$4M gross profit stream. Such economics should yield strong free cash flow, enabling Replenish to self-fund growth initiatives and pay down debt. Management noted that achieving steady 2,000 tpm output will allow the company to secure lower-cost financing and pursue its expansion roadmap.
Replenish’s CEO hailed Beiseker as a transformative milestone – “more than a facility — it’s a blueprint for what comes next”, he said, emphasizing that it proves regenerative agriculture innovations can scale profitably. Importantly, Replenish already has firm sales commitments for the first 6,000 tonnes of Beiseker’s production, indicating strong demand from customers (likely regional farmers and distributors) for its sustainable fertilizers. With the Beiseker plant coming online, Replenish is now turning attention to its next planned facility at DeBolt (also in Western Canada). The company has indicated that the upcoming DeBolt site is designed for an even larger ~50,000 tonnes per year capacity – potentially ~CA$30 million in annual revenue at similar margins. Successful commissioning at Beiseker thus lays the foundation for scaling up to DeBolt and beyond. Replenish’s strategy is to replicate this model across additional sites (such as a future plant in Bethune, Saskatchewan) once funding is in place.
In summary, August was a breakthrough month for Replenish. The combination of improved financials and the new production capacity coming online solidifies its leadership in the regenerative fertilizer space. With conventional agriculture under pressure to reduce chemical inputs and improve soil health, Replenish’s zero-waste, carbon-reducing fertilizers are hitting the market at an opportune time. The company’s ability to scale production while maintaining >30% margins also validates the attractive economics of sustainable agriculture solutions. ESGFIRE remains highly confident in Replenish Nutrients as a flagship portfolio holding, given its tangible progress toward profitability and the immense market need for eco-friendly fertilizer alternatives.
Non public investment portfolio Outlook
Ola Media (Pre-IPO Digital Media) – August 2025 Update
Ola Media – a private media/tech company – is progressing steadily toward its anticipated IPO. The company continues to prepare for a targeted Q4 2025 public listing, and has been in the process of finalizing a late-stage capital raise to fund growth leading into the IPO While no public announcements were made in August, behind the scenes Ola Media has been strengthening its platform and balance sheet. ESGFIRE remains optimistic about this investment’s potential: Ola’s management projects substantial value creation at IPO, and ESGFIRE estimates a 500–1000% return on its stake once the company goes public. This confidence is rooted in Ola Media’s innovative approach and the scalable nature of its business model (details of which remain under wraps due to pre-IPO confidentiality). If market conditions remain favorable, we expect Ola Media to debut as a publicly traded company before year-end, unlocking liquidity and a significant value uplift for the ESGFIRE portfolio. 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:
Alchemy remains on track for a late 2025 IPO (targeting Q3 or Q4), concentrating on its nanocoating technologies—ranging from automotive-grade windshield protection films to cutting-edge defense applications. Its ExoShield windshield film product line is well-established, with over 500 installers operating across 57 countries.
Defense Sector Breakthroughs:
Impressively, Alchemy has transitioned beyond automotive coatings into the defense sector—a move driven by a serendipitous discovery that its nanoceramic formulas interact effectively with thermal infrared radiation . This led to the development of the “Crypsis Class” nanocomposite coating, designed to reduce thermal signatures by camouflaging soldiers and equipment in mid-to long-wave infrared spectra.
-As part of a partnership with the Defence Research and Development Canada (DRDC), Alchemy was awarded a CAD $1 million contract under the IDEaS program to advance thermal camouflage textiles.
-Further, the company earned a stellar 95 out of 100 performance score during field trials and has been recommended to submit a follow-on proposal to move the technology to full commercial readiness.
-The momentum intensified with a CAD $1.8 million grant (via FedDev Ontario) to scale the next generation of its windshield coatings—potentially enabling integrated automotive and defense applications .
Macro Tailwinds & Strategic Upside:
Alchemy’s timing could hardly be better. In late August, Canada unveiled an ambitious increase in defense spending, seeking to boost defense budgets to 5% of GDP by 2035—equating to over CAD $9 billion in new annual defense allocations. This includes the launch of a Defence Industrial Strategy, expanded procurement agencies, and incentives for domestic contractors—creating a favorable environment for Canadian defense suppliers, especially those offering advanced dual-use technologies.
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
Evanesce is a private company aiming to revolutionize single-use packaging with its patented plant-based materials. After some strategic recalibration, Evanesce now plans to pursue an IPO in Q4 2025, likely on a Canadian exchange or Nasdaq . Throughout August, the company has been quietly bolstering its production and sales channels in preparation for going public.
Evanesce’s core products – such as compostable straws, cups, and foam packaging alternatives – address the urgent global need to replace plastic and Styrofoam disposables. Its molded starch containers and utensils are made from agricultural waste and fully biodegrade in about 90 days , yet are as durable and functional as traditional plastic. This positions Evanesce squarely in line with regulatory changes that are reshaping the packaging industry.
In particular, the new EU Packaging & Packaging Waste Regulation (PPWR), which entered into force in February 2025, represents a major tailwind. The PPWR requires that all packaging sold in the EU be recyclable or compostable by 2030, with bans on harmful substances and certain problematic single-use plastics starting from August 2026 . For Evanesce, this regulation opens up a huge addressable market: food service providers, consumer brands, and packaging distributors across Europe will be forced to transition quickly toward solutions like Evanesce’s plant-based alternatives. The company’s ability to offer scalable, cost-effective, and compostable packaging makes it a natural beneficiary of the PPWR, and management has indicated strong inbound interest from European partners evaluating its technology.
At the same time, Evanesce is seeing momentum in North America, where states such as California and New York have already enacted bans on foam and single-use plastics. In one recent development, a large distributor to quick-service restaurants tested Evanesce’s compostable take-out containers in August with excellent customer feedback, potentially paving the way for a commercial supply contract.
Overall, Evanesce is positioning itself as a first mover in sustainable packaging just as regulation-driven demand begins to surge globally. With a multi-billion dollar market in transition and the powerful push of the EU PPWR creating compliance urgency, ESGFIRE believes Evanesce’s IPO could unlock significant value for investors while accelerating the shift to truly eco-friendly 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
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.
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 September 1st, 2025.
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 websitee
