DALLAS, TX -- November 12, 2026 -- HyOrc Corporation (OTCQB: HYOR): HyOrc is focused on converting refuse-derived fuel, or RDF, into green methanol. The Company’s process is designed to turn prepared municipal and industrial waste into synthesis gas, clean and condition that gas, and convert it into methanol through a catalytic synthesis process. We view the core equity story as less about broad clean-tech exposure today and more about whether HyOrc can convert its pilot and equipment-delivery history into commercial-scale methanol production.
Technology Update: HyOrc reported independent laboratory analysis of syngas from the first commercial gasification module in November. Results showed 39.88% carbon monoxide, 35.55% hydrogen and 0.76% nitrogen after gasification and gas cleaning, but before downstream conditioning for methanol synthesis. These results supplement the Company's earlier pilot-scale methanol work but do not yet establish commercial methanol yields, uptime or the targeted production cost of approximately €350 per tonne.
Economics and Validation: According to HyOrc, the Company’s targeted green methanol production cost is approximately €350 per tonne. Management frames this against a conventional grey methanol benchmark of approximately €850 per tonne and a potential green premium of up to €700 per tonne. We believe this cost structure is the most important part of the story, but it still needs to be demonstrated through continuous commercial operation outside of pilot and modular testing environments.
Additional Projects: HyOrc has announced plans for a larger 150 TPD RDF-processing facility in Portugal, for which it intends to seek funding in 2027. Separately, a government agency in Tamil Nadu approved a project report and identified land for a proposed 10 TPD waste-to-syngas facility in India. Both projects broaden the development pipeline but remain subject to financing, agreements and execution before meaningful recurring revenue can be established.
Porto Commercial Milestone: In September, HyOrc completed off-site fabrication and assembly of its first commercial module, designed to process three TPD of RDF into up to one TPD of methanol. The unit did not ship in September as previously expected. Final system integration and factory testing are now targeted for early December, followed by shipment to Portugal, with initial methanol production expected in 1Q27. Installation, commissioning and sustained operation remain outstanding.
Execution and Capital Needs: HyOrc announced approval of approximately €6.7 million in STEP funding for the next phase of its 50%-owned Portugal joint venture, which is designed to process approximately 35 tonnes per day (TPD) of refuse-derived fuel (RDF) into eight TPD of methanol. Under a revised agreement with MO.RE.DA. Oils, HyOrc's direct funding obligation is limited to the fully funded initial module, while the joint venture is responsible for financing subsequent expansion. The grant approval improves funding visibility, although the timing of disbursements and remaining project-level capital requirements have not been disclosed.
Valuation: We rely on a DCF framework to guide our valuation. Given HyOrc’s early-stage profile, limited historical revenue, and need for external capital, our valuation is highly sensitive to timing, funding, dilution, and assumptions around future methanol capacity. Please see the valuation page for further details.
