Originally published on 8/5 2026
ESGFIRE returns since 2018: + 1000 %
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How to read this report
-Market – what is happening and why – provides the macro backdrop
-What is driving capital flows – summarises key market drivers
-Takeaways – outlines how we are positioning
-ESGFIRE Public Portfolio– covers updates across current holdings
-Non Public investment portfolio – shows our private investments
-Watchlist – includes companies we monitor for potential entry
Market – What is happening and why
April confirmed that markets are becoming far more selective.
Higher energy prices, geopolitical tensions, and persistent inflation reduced expectations for aggressive rate cuts, keeping pressure on smaller and capital-intensive growth companies. Meanwhile, large-cap technology and AI-related companies continued attracting most capital flows due to stronger balance sheets and earnings visibility.
Importantly, however, the broader economy has remained relatively resilient. Employment data stayed stable, industrial activity improved gradually, and transition-related sectors continued benefiting from energy-security and infrastructure investments.
In our view, markets are shifting from a liquidity-driven environment toward an execution-driven environment.
That is especially important within sustainability investing, where the transition is increasingly being driven by:
-energy security
-domestic supply chains
-industrial competitiveness
-electrification
-critical minerals
-infrastructure buildout
In short:
The market is increasingly rewarding builders over storytellers.
Looking into May, we expect:
1.Continued pressure on speculative and heavily diluted business models
2.Stronger investor preference for companies with financing visibility and operational traction
3.Increasing capital flows toward infrastructure, energy resilience and industrial-transition themes
4.Greater differentiation between companies with execution and companies dependent on market sentiment
For investors, volatility should be viewed as an opportunity rather than a threat. The best opportunities often emerge when sentiment weakens faster than fundamentals.
-What is driving capital flows:
-Large-cap vs small-cap dispersion:
Large-cap technology and AI infrastructure companies continued dominating capital flows during April as investors prioritised liquidity, balance-sheet strength and earnings visibility. Smaller-cap growth companies remained under pressure, particularly businesses requiring external financing or operating without near-term profitability. Despite improving operational execution across many industrial-transition companies, risk appetite remained selective rather than broad-based.
-Rates & liquidity:
Markets increasingly repriced expectations for aggressive rate cuts during 2026. Sticky inflation and elevated energy prices pushed yields modestly higher during April, while central-bank commentary remained cautious. Financing conditions therefore continue favouring companies with strong capital discipline and existing access to liquidity.
-Inflation & jobs:
Employment markets remained relatively resilient across North America, while services inflation continued proving difficult to fully contain. Rising energy prices also reinforced concerns that the “last mile” of disinflation may take longer than markets previously anticipated.
-Energy & commodities:
Oil prices remained elevated throughout April due to ongoing geopolitical instability and supply concerns tied to the Middle East. Gold continued trading near record levels as investors sought defensive positioning amid uncertainty surrounding inflation and global policy direction. Critical minerals and industrial metals also remained strategically important as governments continue prioritising domestic supply-chain security.
-Geopolitics & policy:
Geopolitical instability remained one of the market’s dominant themes during April. Investors increasingly focused on energy-security risks, global trade fragmentation and industrial-policy competition between major economies. Governments across North America and Europe continued supporting domestic manufacturing, energy infrastructure and strategic resource development.
-Sustainability & policy angle:
Governments continued supporting energy-transition infrastructure despite broader macro volatility. Europe accelerated permitting reforms tied to renewable projects and grid investments, while North American policy support remained focused on hydrogen, electrification, battery supply chains and domestic industrial resilience. Sustainability investment is increasingly being framed through competitiveness and energy security rather than purely climate policy.
Takeaways for investors
-Stay selective and prioritise execution:
Markets are increasingly rewarding companies capable of delivering operational progress in difficult financing conditions. Balance-sheet quality, recurring revenues, strategic partnerships and funding visibility matter more than long-dated narratives.
-Volatility continues creating opportunity in small caps:
Many sustainability-focused small caps remain deeply discounted despite improving commercial traction. The opportunity set is becoming increasingly attractive for patient investors willing to tolerate volatility and focus on execution rather than short-term sentiment.
-Focus on real-economy transition themes:
We continue seeing the strongest long-term opportunities within infrastructure, electrification, energy resilience, storage, critical minerals and industrial efficiency. Capital is increasingly flowing toward businesses solving practical operational problems rather than purely thematic concepts.
-The transition is becoming industrial:
Energy security, domestic manufacturing and supply-chain resilience are accelerating several transition themes faster than ESG policy alone previously achieved. Companies positioned within these structural trends may benefit from multi-year investment tailwinds.
-This remains a builders’ market:
The current environment increasingly favours companies actively deploying infrastructure, securing customers, scaling production and improving unit economics. We continue prioritising “builders over storytellers.”
ESGFIRE Public Portfolio – Updates and important events
Clean Motion (Public EV Manufacturer First North: CLEMO)
Performance – April 2026: + 156%
Key April developments:
-On April 17, Clean Motion announced an order for eight EVIG Delivery vehicles from ISMG AB, operating under the TGCC brand in Stockholm. The vehicles will be used for zero-emission collection and deployment of shared scooters and bicycles in urban environments.
-Clean Motion also continued building visibility around EVIG Memorial, including plans to exhibit the vehicle at BEFA Forum in Düsseldorf together with Bestattung Wien. This supports the company’s effort to open a niche market in electric funeral and cemetery transport.
-After month-end, Clean Motion and Bestattung Wien deepened their partnership through a marketing and development agreement covering the EVIG range in Austria and further development of EVIG Memorial. This is technically a May event, but worth noting because it strengthens the April news.
Replenish Nutrients (Regenerative fertilize CSE: ERTH)
Performance – March 2026: +15 % :
Key April developments:
-On April 23, Replenish expanded its revolving credit facilities by CAD$1.95 million, increasing available credit capacity to support Beiseker scale-up and licensing growth.
-Replenish also continued communicating its 2026 growth plan, including commissioning of the Beiseker granulated fertilizer facility and a shift toward higher-margin granulated and pelletized fertilizer products.
ESGFIRE view:
Replenish continues to move from story to execution. The expanded credit capacity is important because it supports production scale-up without immediately relying only on equity dilution. The key now is conversion: Beiseker production, licensing progress, and proof that the capital-light model can translate into meaningful revenue growth.
Charbone Hydrogen (Green Hydrogen Producer TSX venture: CH )
Performance – April 2026: -33 %
Key April developments:
-On April 14, Charbone unveiled its 2026–2030 strategic plan, expanding the company’s focus from clean ultra-high-purity hydrogen toward a broader integrated industrial gas platform.
-On April 29, Charbone announced the closing of a $10 million convertible loan facility, including an initial $3 million tranche, intended to accelerate hydrogen production capacity and North American expansion.
ESGFIRE view:
Charbone’s April updates were more significant than the previous draft reflected. The company is clearly repositioning itself as a broader industrial-gas platform rather than a single-molecule hydrogen story. That makes strategic sense because it may create nearer-term revenue opportunities, but the financing structure also reinforces that dilution and balance-sheet risk remain central.
First Canadian Graphite (natural graphite mining TSX venture FCI)
-Performance – January 2026: – 25 %
Key April developments:
-No major April company announcement during April.
-The most relevant recent company updates remain the January–March developments: Berkwood project activity, management additions, and flow-through financing.
ESGFIRE view:
First Canadian Graphite remains an early-stage critical-materials position. The thesis is driven by graphite’s strategic role in battery supply chains and the need for North American supply. However, with no clear April catalyst found, the focus remains on upcoming exploration results, permitting progress, and financing discipline.
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
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 April:
Aiming to go public in May, a much anticipated IPO!
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.
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.
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 more than 1,200 fast-charging locations across 47 states as of March 31, 2026.
March performance:
Approximately + 18 %
Key April catalyst:
-EVgo announced it would report Q1 2026 results on May 5, while March results had already shown record Q4 and full-year 2025 performance.
ESGFIRE view:
EVgo remains a strong execution story in EV infrastructure, but the market continues to focus on capital intensity, utilization, and long-term funding needs. We continue watching for improving EBITDA, network throughput, and evidence that scale is translating into better economics.
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.
April performance:
+-0 %
Key April catalysts:
-On April 6, Revolve signed the final interconnection agreement for its 130 MW EL 24 wind project in Mexico.
-On April 14, Revolve provided a corporate update across its North American renewable project portfolio.
-On April 22, Revolve announced definitive agreements for nine new solar projects in Mexico, expanding its distributed generation portfolio.
ESGFIRE view:
Revolve had a strong operational month. The market may not fully reward the stock yet due to liquidity and small-cap sentiment, but the company continues de-risking projects and building a more diversified development pipeline. Execution remains the key reason we keep it high on the watchlist.
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 + 19 %
Key April catalyst:
-On April 2, Electrovaya announced participation in a U.S. Department of Energy-funded project led by Binghamton University to demonstrate advanced battery systems for critical infrastructure and data-center applications.
ESGFIRE view:
Electrovaya continues to position itself in higher-value industrial battery markets rather than purely consumer EV exposure. The DOE-linked project is strategically relevant because grid resilience and data-center power demand are becoming major investment themes.
Greenlane Renewables (biogas upgrading systems TSX: GRN)
Business:
Supplies biogas upgrading systems for renewable natural gas production globally.
March performance:
Approximately + 10 %
Key April catalyst:
-No major April company announcement found. The most recent listed updates were March results and a March customer inauguration of a biomethane hub in Brazil.
ESGFIRE view:
Greenlane remains a real-economy decarbonization company, but near-term sentiment depends on order intake, margin recovery and proof that the installed base can translate into recurring service revenue. We continue monitoring for new contracts and stronger backlog conversion.
Veritone (AI software platform)
Business:
Provides AI solutions for media, public safety, and enterprise data through its aiWARE platform.
April performance:
Approximately + 21 %
Key April catalysts:
-On April 2, Veritone and Thorn announced a partnership focused on using AI to help safeguard children against abuse.
-On April 15, Veritone launched a next-generation discovery solution with a Content Intelligence AI Agent.
-On April 21, Veritone partnered with the Cold Case Foundation to accelerate unsolved investigations with AI.
-On April 30, the UK Department for Work and Pensions selected Veritone to support workforce recruitment strategy.
ESGFIRE view:
Veritone had several meaningful April announcements, so the previous version understated the news flow. The company remains speculative due to losses and balance-sheet concerns, but its AI applications in public safety, recruitment and data workflows are becoming more concrete. Execution and profitability remain the key issues.
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.
April performance:
Approximately +32 %
Key April catalysts:
-On April 9, Beam reported full-year 2025 operating results.
-On April 14, SEGRO selected EV ARC solar-powered charging systems for sites across Spain.
-On April 21, Stanislaus County deployed ten Beam Global EV ARC systems to support county fleet electrification.
-On April 30, Beam was granted a U.S. patent for an integrated wind and solar power generation system.
ESGFIRE view:
Beam’s April was much stronger than previously captured. The company continues broadening from EV charging into resilient energy infrastructure, fleet electrification and smart-city applications. The key question remains profitability, but operational momentum is improving.
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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