Originally published on 7th of March 2023
ESGFIRE returns since 2018: + 1100 %
ESGFIRE returns year to date 2023: + 10 %
NASDAQ returns year to date 2023: + 12,46 %
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Portfolio comment for February 2023
During February we have sold Fusion Fuel PLC due to fears of an upcoming equity raise at unfavorable terms. We have added two new very exiting portfolio companies during Februry in Gomero Group and Ekobot. Gomero Group is a company in Electric grid infrastructure protection and surveillance, and Ekobot is active in Agtech farming robotics. We recommend our readers check up on these new additions with THIS link for Gomero and THIS link for Ekobot. We have during february sold Char Technologies.
The portfolio remains 100 % invested at this point. We have seen many former portfolio companies in pre revenue stage decrease in value by more than our own portfolio. The reasons vary however in this new market condition valuations and a well funded business have become increasingly more important than ever before.
Inflation remains a dangerous opponent for the stock markets, in Europe the ECB does not seem quite finished with raising rates however in the United States we may have begun to see some positive signs that the FED may be wanting to stand by and see the effects of their recent quick rate hikes.
Current ESGFIRE portfolio with Monthly performance for February 2023.
Absolicon
February performance: – 10 %
Market comment:
Absolicon finished off 2022 with two orders of production lines , one to Canada and one to Egypt with a total order value close to 10 million USD. The company also signed a new framework agreement with a spanish partner. We definately think Absolicon 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.
Biofrigas
February performance: + 5 %
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. The company is suffering a bit from legislative delay from the initative Klimatklivet which has delaid grants for their clients. We believe that things should begin to turn for the better in the coming months regarding grants and client projects. The company is valued , according to us, on a redicolous level and has financing for the remainder of 2023.
Earthrenew
February performance : +- 0 %
Market comment:
We are a bit worried about the company’s ability to finance further expansion however the current business fundamentals are sound, gross margins are however a bit worrying. The company expects revenues of 27- 30 MCAD for 2022 .
Vicinity Motor Corp
February performance: + 5 %
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.
Norditek Group
February performance: + 12 %
Market comment:
Norditek has had a great start to 2023 with a wooping performance of 63 % returns. The company stock performance has exceeded our expectations. The company, by our calculations, is currently trading at EBIT X 16,65 for 2023.
Clean motion
February performance: +- 0 %
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 company made an update recently that they expect production to begin in March 2023 in parallel with the work for European type approval the latter is expected to be finished in april 2023.
Landi Renzo
February performance: +- 0 %
Market comment:
This hydrogen and RNG mobility company is set for massive growth and is extremly undervalued with more than 100 % upside. We recommend you read THIS analysis on the company for more information.
IPO positions
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
Website: https://evanesce.com/
About:
As a sustainable technology innovator,Evansesce is revolutionizing sustainable packaging with 100% compostable and affordable plant-based solutions.
IPO Status:
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.
Captico2
Website:
https://captico2.com/
About:
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.
IPO status:
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
Website: https://www.olamedia.mx/
About:
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.
IPO status:
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
Website: https://alchemynano.com/en/
About:
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.
IPO status:
Most likely going public by Q3 -Q4 of 2022 .
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.
We own shares of these companies personally.
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.
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