Märkte & Kurse

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Original-Research: dynaCERT Inc. - from GBC AG

09.09.2025 / 12:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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Classification of GBC AG to dynaCERT Inc.

     Company Name:                dynaCERT Inc.
     ISIN:                        CA26780A1084

     Reason for the research:     Research Comment
     Recommendation:              Buy
     Target price:                0.75 CAD
     Target price on sight of:    31.12.2025
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Cosmin Filker

dynaCERT Secures Mexico and Texas Expansion with Hydrofuel Order and
Distribution Deal

dynaCERT has entered a period of steadily improving momentum that matches
the investment case laid out earlier this year. The order from Hydrofuel
Technologies for 100 HydraGEN units, with 25 units already in delivery, is
particularly noteworthy because it establishes an entry into Mexico, which
is one of the largest diesel truck markets globally. By also granting
Hydrofuel distribution rights for both Mexico and Texas, dynaCERT has
effectively secured a sales partner in a logistics corridor that accounts
for nearly half of all US-Mexico cross border truck trade. This transaction
provides more than just incremental revenue from the first 100 units. It
sets up a framework for scaling orders, broadening relationships with
fleets, and extending the installed base of HydraGEN technology in one of
the most strategically relevant regions for heavy duty trucking. Such
developments directly align with the initial coverage assumption that early
footholds through distribution partners and reference projects could
accelerate adoption and lead to more meaningful sales volumes in 2025 and
beyond.

At the same time, dynaCERT has demonstrated progress in Europe where the
Port of Rochefort Tonnay Charente in France became the first port to deploy
HydraGEN technology on its cranes. After several months of testing, the port
confirmed significant improvements in its greenhouse gas footprint and
committed to installing the technology across all five of its cranes by the
end of 2025. The decision has been supported financially by the Nouvelle
Aquitaine regional government, underlining both political and economic
backing for such clean technology solutions. The fact that a European port
authority has validated the technology in a highly visible industrial
setting enhances dynaCERT's credibility and provides a replicable model for
other ports, logistics hubs, and heavy equipment operators across Europe.
This marks another practical example of what the initial coverage
anticipated: the conversion of pilots into broader deployments that extend
HydraGEN adoption into sectors beyond long haul trucking.

Financially, the company has bolstered its position with a fully subscribed
five million Canadian dollar financing completed in July at fifteen cents
per unit. This capital raise, which included freely tradable warrants,
provides immediate liquidity and ensures that resources are available to
finance sales in mining, oil and gas, transportation, and power generation.
This financing followed earlier placements earlier in the year and
demonstrates that investor confidence remains intact, even in a challenging
capital markets environment. The strengthened balance sheet provides working
capital support to scale operations, expand global sales efforts, and secure
inventory to meet growing demand. The capital raise also reinforces the view
from the initial coverage that while liquidity had historically been a
constraint, recent financing success alleviates this pressure and enables
the company to execute on its growth plans.

The governance structure has also been enhanced. The appointment of John
Amodeo as a director adds over four decades of financial and strategic
expertise, with particular experience in the metals and steel industry and
in structuring international growth strategies. This complements the
existing board and management team, which combines deep experience in the
automotive, technology, and capital markets sectors. The transition of long
serving director Wayne Hoffman into an advisory role ensures continuity
while bringing fresh perspectives to the board. These developments underline
the company's commitment to strengthening its governance and aligning board
expertise with its growth strategy.

When put together, these events form a consistent picture. dynaCERT is
converting early stage validation into real commercial deployments, is
broadening its geographic footprint into Mexico, Texas, and Europe, is
securing the capital required to sustain global sales expansion, and is
strengthening its governance framework in line with its growth ambitions.

For investors, the recent news confirms that dynaCERT is delivering on its
strategy and provides additional evidence that the path to scale is
achievable. The company remains well positioned to capture a growing share
of the global push for emission reduction technologies in diesel
applications, and the combination of short term hardware growth and long
term carbon credit potential underpins a compelling equity story. We
therefore reaffirm our Buy rating and our target price of 0.75 CAD per
share.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b37a4e4c123a594955da4f836ab244e0

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 09.09.2025 (9:00)
First distribution: 09.09.2025 (12:00)

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2194900 09.09.2025 CET/CEST

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