DALLAS, TX -- July 29, 2026 -- HyOrc Corporation (OTCQB: HYOR): Stonegate Capital Partners Initiates Coverage on 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.
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.
Operational History: HyOrc’s public materials describe prior operating experience in India, including 3 TPD and 25 TPD industrial RDF gasifiers. The Company has also announced shipment of a 3 TPD gasification unit for a municipal project in Assam and has reported methanol production from a smaller system capable of approximately 300 liters per day. These data points provide technical reference cases, although they do not yet establish sustained commercial performance for the larger Portugal and Bulgaria methanol projects.
Porto Commercial Milestone: The near-term setup is centered on the planned September 2026 shipment of HyOrc’s fully funded initial 1 TPD Porto methanol module. This module is expected to be the first step toward the planned 8 TPD Portugal facility and is the clearest near-term commercial validation point. Shipment alone will not prove the model as the unit still needs to be installed, integrated, commissioned, and operated at the required product specification before investors can evaluate yield, uptime, cost, and customer acceptance.
Execution and Capital Needs: HyOrc remains early in commercialization, and execution is still the key issue. The Company must complete the Porto deployment, finalize project-level requirements, secure additional funding for expansion, and demonstrate that its stated economics can hold as the system scales. We believe this makes the near-term story less about broad financial performance and more about whether the Company can turn technical validation into repeatable commercial operating data.
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.
