Originally published on 3/12 2025
ESGFIRE returns since 2018: + 1000 %
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Market outlook – November 2025
Global equity markets posted another constructive month in November, but with increasing cross-currents:
-Large caps still in the driver’s seat: U.S. indices remained near highs, supported by resilient earnings and expectations that central banks are nearing the end of their tightening cycles.
-Small caps stabilising, but choppy: Small-cap benchmarks continued to claw back some of their multi-year underperformance versus mega-caps, though with more volatility and sharper day-to-day swings.
-Rates and liquidity: After the October Fed cut (to 3.75–4.00 %), November data were mixed enough that markets now price only a gradual path to further easing, rather than an aggressive cutting cycle. This keeps funding conditions tighter than the 2019–2021 “zero-rate” world but significantly easier than 2023.
On the sustainability and policy side, November was dominated by COP30 in Belém, Brazil, the first UN climate summit held in the Amazon. While the conference stopped short of a firm global deal to phase out fossil fuels, it did deliver:
-A new “Tropical Forests Forever Facility” that attracted roughly $7 billion in initial pledges, with a longer-term goal to mobilise $25 billion in public and $100 billion in private capital to protect tropical forests.
-Additional commitments to support Indigenous land rights and jurisdictional forest-carbon programmes, even as a clear roadmap to fully end deforestation was deferred.
The big picture is that real-economy decarbonisation is moving faster than formal treaties: investment in clean energy and electrification continues to outpace fossil fuels, and new policy tools (climate-linked funds, bioeconomy initiatives, adaptation-finance roadmaps) are increasingly targeting the kinds of sectors ESGFIRE focuses on: green mobility, regenerative agriculture and circular packaging.
For investors, November reinforced two themes:
-Quality small caps with real cash-flow visibility and policy tailwinds remain scarce – and mispriced.
-Volatility is structural, not temporary: rate sensitivity, index-flow dynamics and “risk-on / risk-off” around politics mean entry points matter, but the long-term trend for climate-aligned assets remains favourable.
Takeaways for investors – November 2025
-Volatility is your entry ticket, not your enemy:
Small-cap clean-tech names remain far more volatile than mega-caps, but November showed again that fundamentals (new contracts, milestone completions) can diverge sharply from short-term price action.
-Follow the capex and offtakes, not the headlines:
In hydrogen and regenerative agriculture, we focus on companies that can point to physical assets being built and multi-year offtake or licensing agreements, not just slide-deck pipelines.
-Financing conditions matter – but they’re improving at the margin:
With policy rates off their peak and project-finance channels normalising, structurally profitable or near-breakeven small caps stand to benefit disproportionately versus cash-burning stories.
-ESG is shifting from exclusion to solutions:
Investors are increasingly looking for positive-impact “solution providers” – EV infrastructure, biogas upgrading, regenerative inputs, compostable packaging – rather than simple divest-only strategies. ESGFIRE’s portfolio remains positioned around those solution themes.
Current ESGFIRE portfolio – public holdings (November 2025 updates)
Clean Motion (Public EV Manufacturer)
Performance – November 2025:
-Clean Motion’s share price decreased by 28.85 % in November.
Key November developments
-Q3 2025 report (13 November 2025):
Clean Motion released its January–September 2025 interim report, reiterating its focus on ultra-efficient urban EVs (EVIG and Zbee) and highlighting continued work on commercial scale-up.
-GIANTS project momentum carries through:
The October announcement that the EU Horizon Europe GIANTS project has reached its midpoint, with Clean Motion’s EVIG platform central to the consortium’s modular L-class EV architecture, remained the main strategic highlight as the project moves from concept into testing across multiple cities.
Replenish Nutrients (Public Sustainable Fertiliser)
Performance – November 2025:
The share price increased in November by 41.67 %.
Key November developments
-Major U.S. licensing deal with FUE (14 November 2025):
Replenish announced a three-year licensing agreement with Farmers Union Enterprises (FUE), covering roughly 70 million acres across five U.S. states. Under the deal, FUE will refurbish a Minnesota plant and gain exclusive rights to produce and market SuperKS pellets to its farmer network.
-ESGFIRE re-initiates coverage (17 November 2025):
ESGFIRE re-initiated coverage with a target price of CAD 0.44 (USD 0.31), emphasising the capital-light licensing model, the Beiseker granulation facility and the FUE partnership as key drivers of a revenue inflection. Market cap at the time of publication was roughly CAD 24.9m, highlighting the disconnect between pipeline and valuation.
ESGFIRE view (updated):
November materially de-risked the U.S. expansion story. The FUE deal validates Replenish’s IP and structure, and places a farmer-owned co-op at the centre of its cross-border growth. We continue to see Replenish as a core holding in regenerative agriculture, with a scalable, asset-light model.
NEW ADDITION: Charbone Hydrogen (Public Green Hydrogen Producer)
Status: New portfolio company for ESGFIRE in November 2025
Performance since ESGFIRE entry:
-Since ESGFIRE first highlighted Charbone to its subscribers the share price has risen approximately +500%.
Note: This performance figure is calculated from the price at our first email to subscribers about the private placement and coverage initiation to the latest closing price at the end of November.
Business snapshot
-Charbone Hydrogen (TSXV: CH; OTCQB: CHHYF) is a Canadian producer of clean ultra-high-purity (UHP) hydrogen and integrated distributor of industrial gases. It is currently the only pure-play green-hydrogen producer on the Canadian public markets, making it a first-mover in a sector benefiting from generous tax credits and industrial-policy support.
ESGFIRE view (new top pick):
Charbone combines:
-tangible near-term production at Sorel-Tracy,
-contracted UHP offtake in Ontario starting in November 2025, and
-a scalable modular platform for future projects in Canada and the U.S.
Given the strong price move since our initial communication (+500%), the risk-reward is no longer “deep value”, but we still see substantial upside if execution continues and additional plants / contracts follow. We treat Charbone as a core green-hydrogen position in the portfolio.
ESGFIRE watchlist – November 2025 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 (NASDAQ: EVGO)
Business:
One of the largest public fast-charging networks in the U.S., with 1,100+ fast-charging stations across 47 states.
November performance:
Over November, EVgo’s share price declined from roughly $3.91 (3 November close) to about $3.24 (28 November close), a move of around –17 % for the month.
Key November catalyst:
Q3 2025 results (10 November 2025):
Revenue: $92.3 million (+37 % YoY).
Charging network revenue: $55.8 million (+33 % YoY).
Network throughput: 95 GWh (+25 % YoY).
Total stalls in operation: 4,590 (+25 % YoY).
Despite strong fundamentals and updated 2025 revenue guidance of $350–365 million (baseline), the shares traded down, reflecting market concerns around capital intensity and EV-demand headlines rather than company-specific execution.
Revolve Renewable Power (TSX-V: REVV)
Business:
Developer of utility-scale wind, solar and storage projects across North America, with a multi-GW pipeline and a track record of selling projects to larger utilities and IPPs.
November performance:
Revolve’s share price moved from about CAD 0.20 (3 November) to CAD 0.19 (28 November) – a modest decline of roughly –5 % for the month.No major new public announcements in November; the market continued to digest prior asset-sale news and pipeline updates. The stock remains a deep-value play on contracted project monetisations.
Electrovaya (NASDAQ: ELVA)
Business:
North American lithium-ion battery manufacturer focused on energy-storage systems and commercial EV applications, with a track record of nine consecutive quarters of positive EBITDA as of its last reported fiscal year.
November performance:
Electrovaya traded down from roughly $6.38 (3 November close) to about $4.75 (28 November) – approximately –26 % over the month.The move appears driven by positioning and profit-taking after a very strong year-to-date (+76–90 % over 12 months), rather than a deterioration in fundamentals. Electrovaya remains one of the few profitable, growing battery manufacturers in its peer group.
Greenlane Renewables (TSX: GRN)
Business:
Provider of biogas upgrading systems that convert landfill and other biogas into pipeline-quality renewable natural gas (RNG), operating in a rapidly expanding RNG market.
November performance:
Greenlane’s share price slipped from about C$0.26 (3 November) to C$0.24 (28 November), a decline of roughly –8 %, matching MarketBeat’s reported 1-month performance of –7.69 %.Despite the modest pullback, Greenlane remains up strongly on a 12-month and year-to-date basis (over +120–160 %), reflecting its earnings turnaround and growing backlog.
Veritone (NASDAQ: VERI)
Business:
Provider of enterprise AI solutions (aiWARE) for media, advertising and public-sector analytics, with growing exposure to generative-AI workflows and government contracts.
November performance:
Veritone’s shares fell from about $6.72 (early November) to the mid-$4 range by the end of the month, implying a roughly –20–30 % decline over the November period. The stock remains highly sensitive to sentiment around small-cap AI, despite improving revenue trends and a strengthening government-contracts pipeline.
Beam Global (NASDAQ: BEEM)
Business:
Manufacturer of off-grid, solar-powered EV charging infrastructure (EV ARC etc.) and related energy-storage solutions, with a growing backlog and an expanding European footprint.
November performance:
Beam’s share price moved from roughly $2.46 (3 November) to about $1.89 (28 November) – a decline of approximately –23 % for the month.The drop contrasts with the company’s earlier reported strong revenue growth and healthy order backlog; it mainly reflects broader risk-off in small-cap clean-tech. For ESGFIRE, Beam remains a high-conviction but high-volatility candidate on the watchlist.
Non-public investment portfolio – November 2025 updates
Ola Media (Pre-IPO Digital Media / Mobility Advertising)
Status in November:
-There were no new public announcements in November 2025 regarding fundraising, IPO timing or major commercial contracts.
-Ola Media continues to operate as a digital media and connected-mobility company, leveraging an in-vehicle entertainment and advertising platform in rideshare fleets across Latin America.
Latest public datapoints (unchanged from earlier reports):
The most recent disclosed funding news remains the October 31, 2024 announcement that Ola secured a strategic $1.6m investment via NameSilo Technologies, positioning it for further growth in Latin American mobility advertising.
ESGFIRE view:
Our thesis is unchanged: Ola Media remains a late-stage private opportunity with potential public-listing optionality once capital-market conditions for ad-tech improve. Our latest calculations show a 500 % gain for ESGFIRE’s investment.
Alchemy (Pre-IPO Nanotechnology / Advanced Coatings)
Status in November:
-Alchemy did not release new public information during the month.
-The company continues to operate in stealth mode, focusing on commercialisation of its nanocoatings for automotive and defence applications and on securing additional strategic customers.
ESGFIRE view:
With no new November disclosures, our late-2025 / early-2026 IPO expectation remains indicative rather than firm. We still see substantial potential upside based on:
-patented nanocoating technologies, and
-existing defence-related revenue streams.
As ever with stealth-stage companies, position sizing and liquidity risk must be managed carefully.
Evanesce Packaging Solutions (Pre-IPO Sustainable Packaging)
Status in November:
-Evanesce released no major November-dated press releases, but continues to build out its portfolio of 100 % compostable, plant-based food-service products (straws, cups, lids, cutlery and moulded-starch trays).
Context:
-Earlier public updates highlight mass-scale production of compostable straws and broader expansion in North American food-service packaging, positioning Evanesce as a potential disruptor to legacy plastics and styrofoam.
ESGFIRE view:
With no fresh November news, our thesis is unchanged: Evanesce is a structural beneficiary of tightening plastic regulation and customer demand for compostable alternatives, with IPO timing dependent on market windows.
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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