International Expansion as a Catalyst? RENK, CHAR Technologies, and SFC Energy enter new markets

CHAR Technologies plans to tap into Europe with a partner

CHAR Technologies has announced a smart deal. The provider of sustainable biomass energy solutions has granted a license for its innovative technology for the European market. This allows the Canadians to tap into a huge market without having to set up sales and production facilities in Europe. The licensee, GazoTech SAS, already has both. The French energy developer will market the proprietary high-temperature pyrolysis technology ("HTP") in Europe and is already developing projects in France. For example, CHAR's technology will be used to convert waste biomass into synthesis gas to meet industrial heating needs. At the same time, biochar will be produced for metallurgical applications.

GazoTech sees great potential for CHAR's HTP technology in Europe. The HTP process converts wood waste into low-CO₂ biochar and synthesis gas (biogas). These can then be used in plants that previously used fossil coal or natural gas for energy production. This means that customers do not need to make large investments to make their energy supply more sustainable.

CHAR has commissioned its first industrial-scale HTP plant in Thorold, Canada, which recently began operations. In the first phase, 5,000 tons of biochar are to be produced annually. Expansion is set to begin this year with a view to producing biogas in the future. Further projects in Canada and the US are in development. Financially strong partners such as steel giant ArcelorMittal and the Canadian BMI Group have been brought on board for the scaling process. This also increases security for investors. Given the huge potential, the current market capitalization of around CAD 35 million seems anything but expensive.

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Note: For those who would like to learn firsthand about the prospects for CHAR Technologies, you should register for tomorrow's virtual International Investment Forum ii-forum.com (February 25, 2026). CEO Andrew White will be presenting live.

SFC Energy: Internationalization not yet convincing analysts

At SFC Energy, ongoing internationalization has not yet brought about the desired share price reaction. Following the collapse of the share price after the adjustment of the annual forecast on August 1, 2025, it has been moving sideways between EUR 12 and EUR 13 since November. There is no sign of any upward momentum.

However, the fuel cell manufacturer appears to be making operational progress in Poland. It is expanding its partnership with Linc Polska, one of the leading providers of mobile surveillance and security solutions in Central Europe. Due to the continuing high demand for mobile, off-grid surveillance solutions, a new framework agreement for the current year with a volume of around EUR 1.5 million has been concluded. According to the company, the framework agreement for 2025 has been significantly exceeded.

Linc uses SFC fuel cells in mobile CCTV surveillance units, among other things. The fuel cells ensure a reliable, autonomous, and emission-free energy supply for the surveillance of security-critical infrastructures. Another advantage is that they are low-noise.

SFC had previously secured an order from Canada. According to this order, a provider of mobile security and remote surveillance solutions (CCTV) will integrate SFC's fuel cells into the latest generation of its mobile surveillance towers. These towers are typically used in environments without power connections, such as civil engineering, mining, or pipeline construction. The order volume is CAD 1.3 million.

However, Deutsche Bank does not consider the orders sufficient to recommend buying SFC Energy shares. Instead, it recently reduced its price target from EUR 20 to EUR 16.40 and confirmed its "Hold" recommendation. After a disappointing 2025, analysts do not yet see a reversal of the trend.

RENK: Momentum in the US

Will RENK's US business soon become an important pillar? A few weeks ago, JPMorgan pointed out that the German specialist for tank transmissions could surprise on the upside in the US from 2028 onwards. Last week, there was another order announcement from the world's largest defense market. Although the volume is relatively modest, it is not the first this year and indicates, at the very least, that RENK is on track to meet analysts' expectations.

In recent weeks, RENK has concluded support and spare parts contracts in the US worth a total of more than USD 50 million. For example, it will receive USD 25 million to support the maintenance and modernization of important platforms abroad. This involves, in particular, ensuring the operational readiness and extending the service life of important allied vehicle fleets. In addition, spare parts for AVDS tank engines were ordered for USD 18 million. RENK will also receive USD 9 million for field service support for HMPT systems and international spare parts.

In January, RENK had already announced that it had been awarded a contract by the US Army. Under a cost-plus-fixed-fee contract, the US subsidiary of the German group will provide technical system support for hydromechanical transmissions, thereby supporting several critical US Army platforms such as the Bradley fighting vehicle, the Multiple Launch Rocket System, and the Paladin self-propelled howitzer. RENK will receive up to USD 75.5 million for this over the next five years.

In view of the orders, it comes as no surprise that RENK plans to invest USD 150 million in its activities in the US state of Michigan by 2030. This is expected to create up to 270 new jobs. The group has locations in Michigan, Indiana, Ohio, and South Carolina, where it employs more than 700 skilled workers to enable "Made in the USA" production.

CHAR Technologies is well on its way to making a breakthrough. The licensing agreement for Europe indicates increasing commercial validation of its HTP technology. The share price should also benefit significantly from the commercialization beginning this year. The market potential appears to be huge. The potential for RENK is also immense. However, large orders have been the exception rather than the rule in recent months. Orders in the US are encouraging, but of course, too small to drive the share price. SFC Energy continues to work on rebuilding investor confidence. However, this appears to require more time.