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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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