HyOrc Corporation (OTCQB: HYOR) is a cleantech company that develops hydrogen combustion engine technology, geothermal power, and waste-to-methanol processes. Revenue has been generated primarily from operation and maintenance services, a contractual share of electricity generation revenues, and technical services fees, sourced through its subsidiary SRE Power, Inc. The company was originally incorporated in Nevada in 1998 as Asia Properties, Inc., re-domiciled in Wyoming in 2019, and renamed HyOrc Corporation following a reverse merger with SRE Power, Inc. in August 2024. HyOrc's core technology platform is its External Combustion Technology (ECT) engine, which can run on multiple fuels including hydrogen and natural gas. The company completed a 2MW geothermal power plant in Biliran, Philippines in September 2023, though that plant has been offline since October 2024 due to a legal dispute. As of December 31, 2025, net cash used in operating activities was $(336,057), and approximately 737 million shares were issued and outstanding. HyOrc has never paid a dividend.

Revenue model

Revenue is generated through operation and maintenance fees, technical services fees, and a contractual share of electricity generation revenues, primarily from the Biliran geothermal project via SRE Power, Inc. The Biliran plant has been offline since October 2024 due to a legal dispute, materially impairing this revenue stream. Additional capital has been raised through issuance of common stock ($63,001 in FY2025) and stock subscriptions pending issuance ($105,941 in FY2025).

Products and services

External Combustion Technology (ECT) engine platform capable of running on hydrogen, natural gas, and other fuels. Waste-to-methanol technology that gasifies municipal solid waste and converts syngas into methanol. Locomotive retrofit program targeting diesel locomotives for conversion to run on natural gas and then hydrogen. A 2MW geothermal power plant in Biliran, Philippines (offline as of October 2024). Patents filed and granted in India covering hydrogen engines, waste-to-methanol processes, and locomotive retrofits, with Patent Cooperation Treaty (PCT) extensions into the United States.

Customers and end markets

End markets include freight rail (MOU signed with GB Railfreight, the UK's largest freight rail operator, as disclosed in the FY2025 10-K), Indian Railways (advanced proposals submitted to Banaras Locomotive Works for retrofitting diesel locomotives), and geothermal electricity generation in the Philippines. EU and US fleet retrofit programs are under discussion. No customer concentration percentages are disclosed in the filing excerpts.

Value-chain role

Technology developer and project developer. HyOrc does not operate large-scale manufacturing facilities and relies on third-party manufacturers including Toyo Denki, Leroy Somer, Siemens, Kirloskar, RJ Italia, John Crane, Crompton, and Schneider for production of engines and components. The company holds IP through patents and provides operation, maintenance, and technical services on developed projects.

Geographic exposure

Operations and project activity span the Philippines (2MW Biliran geothermal plant via SRE Power, Inc.), India (locomotive retrofit proposals to Indian Railways, subsidiaries Vaigunth Enertek P Ltd, HyOrc India P Ltd), the United Kingdom (MOU with GB Railfreight, Symba Renewable Energy Ltd), Iceland (Symba Renewable Energy Ltd), and the United States (SRE Power, Inc., Texas). EU and US fleet retrofit programs are under discussion.

Source: SEC 10-K, filed 2026-03-30

Industry: Services-Engineering Services