Stonegate Capital Partners has initiated coverage on HyOrc Corporation (OTCQB: HYOR), a company focused on converting refuse-derived fuel (RDF) into green methanol. The coverage highlights HyOrc's potential to disrupt the methanol market by producing green methanol at approximately €350 per tonne, compared to the conventional grey methanol benchmark of about €850 per tonne. However, Stonegate notes that the company must still prove these economics in continuous commercial operation.
HyOrc’s process involves converting prepared municipal and industrial waste into synthesis gas, cleaning and conditioning that gas, and then converting it into methanol through a catalytic synthesis process. The company plans to ship its fully funded initial 1 tonne per day (TPD) Porto methanol module in September 2026, which will serve as the first step toward an 8 TPD Portugal facility. This facility represents the clearest near-term commercial validation for HyOrc once installed and operated.
Beyond methanol, HyOrc is developing external-combustion power systems for stationary generation and locomotive retrofits. The delivery of two 500 kW turbine units and a memorandum of understanding with GB Railfreight provide early reference points, though both opportunities remain ahead of full commercial deployment. Stonegate views the core equity story as less about broad clean-tech exposure and more about whether HyOrc can convert its pilot and equipment-delivery history into commercial-scale methanol production.
For more details, view the full announcement here.
