In GeoInvesting’s June Open Forum, Maj shared his most recent insights across several high-conviction themes, beginning with an in-depth recap of his site visit to Tecogen Inc. (NYSE:TGEN). He expressed growing confidence in the company’s potential to become a meaningful player in the data center space, particularly through its partnership with Vertiv. Tecogen’s natural gas-powered chillers free up electrical capacity for computing workloads—an increasingly valuable capability amid widespread data center power constraints. Maj came away impressed with CEO Abinand Rangesh’s clear vision, measured execution, and proactive integration with Vertiv’s sales team. While the company may need to raise capital to fulfill future contracts, Maj believes such a move would be a bullish indicator of growth on the horizon.
Another major focus was Fuel Tech, Inc. (NASDAQ:FTEK), which Maj visited during his trip to Chicago for the Semco Capital event. Previously a struggling emissions control company, Fuel Tech has surfaced as a potential data center play with five bids currently in motion through OEM partners. The company has historical precedent—having completed a contract for a Microsoft data center in 2018—and now benefits from stricter emissions regulations on natural gas-powered data centers. With ~$30 million in cash and a modest valuation, Maj views Fuel Tech as a compelling asymmetric bet with built-in downside protection.
Maj also presented several information arbitrage (info arb) case studies to illustrate how deeper reading of SEC filings can reveal insights overlooked in press releases. He pointed to Smith-Midland Corporation (NASDAQ:SMID), where optimistic data center-related commentary in earnings calls contrasts with more muted tone in the 10-K. Optex Systems Holdings, Inc. (NASDAQ:OPXS) was highlighted for its robust backlog that suggests strong near-term EPS comparables, while Espey Mfg. & Electronics Corp. (NYSE:ESP) stood out for both its large backlog and new government contract tied to submarine construction—potential signs of a business entering a more consistent growth phase.
Tying these themes together was the formal launch of Geo’s new Data Center Screen, built to track under-the-radar companies quietly pivoting into AI infrastructure demand. Maj emphasized the focus on “boring” businesses that are becoming relevant again due to structural tailwinds. Recent additions include Fuel Tech, Inc. (NASDAQ:FTEK), Tecogen Inc. (NYSE:TGEN), Rf Industries, Ltd. (NASDAQ:RFIL) and Moro Corporation (OOTC:MRCR), with a growing watchlist of HVAC, emissions control, and power supply names.
Lastly, Maj reflected on the Scott Weiss investor event in Chicago, where he interviewed Tecogen’s CEO and met teams from BranchOut Food and Ascent Industries. He noted BranchOut’s traction in healthy snacks and Ascent’s ongoing corporate turnaround following a strategic shift to specialty chemicals. Both companies were flagged for continued tracking.
