Columbus Energy returns to 2019. The company's price is bleeding out after a series of news
A frosty February for Columbus Energy shareholders. The company's price fell on Friday, February 20, below PLN 4 per share and was the lowest since 2019. Almost 6 years ago, however, it was on the way to PLN 112, now the direction is completely different. In the background, a brutal battle is taking place over the future of Polish perovskite technology, involving the secret services, the prosecutor's office and financial supervision. The unexpected hero of the events around Columbus were the participants of the “Clean Air” program, who talked in the “Uwaga” program about false promises and manipulations of the company's salespeople.
Investors Those watching the Columbus Energy stock chart may feel a painful twinge in their hearts. In August 2020, the price of the company offering comprehensive photovoltaics and energy solutions for households and businesses in Poland, but also the Czech Republic, Slovakia and Ukraine was quoted at PLN 112, and the company's value at times exceeded PLN 4.5 billion and was greater than, for example, Alior Bank or JSW at that time.
Now Alior Bank is worth PLN 16 billion, and Columbus's capitalization has dropped to around PLN 275 million. The price reduction is already over 96%. from the top. This year alone, the energy company's shares have fallen by 23%.after their price dropped by almost 27% in the entire 2025. The company recorded its last annual growth in 2024, when its share price increased by 24%.
Previously, the discounts were even more severe: -30 percent. in 2023, -55 percent in 2022 and -67 percent in 2021. The years 2019-2020 were the period of the above-mentioned super boom, during which the price increased by over 3,600%. During this time, the shares increased in price from PLN 1.5 to PLN 112.
Today, only memories remain of those increases.
February 2026 brought a series of events that “froze” investors' portfolios. The stock market week starting on February 16 is particularly difficult. Each subsequent announcement from the company or the media hit the foundations of trust, and the sale of shares became panic-driven. Since last Friday, the Columbus price has already fallen by about 17%, reaching PLN 3.90 on Friday – the lowest since September 2019.
“Notes” material about “Clean Air” participants
The hardest image blow came from the national media. A report in the TVN WATER program broadcast on February 18 cast a shadow on the group's business ethics. The material presented a shocking picture of the company's salespeople's activities under the “Clean Air” program.
Columbus Energy's customers were allegedly misled by using manipulative techniques and by making false promises free home modernization.
Instead of the promised investments, many victims were left without heating sources and had to repay high subsidies given to the contractor – according to the victims' accounts published in the report “Uwagi”. “The National Fund for Environmental Protection has called on us to repay the Advance Payment of PLN 40,000 plus interest paid to Columbus,” Columbus Energy customers reported in the program.
From a stock exchange point of view, volSuch accusations are devastating for a public company that, as it were, lives on trust. If the market begins to lose confidence, capital quickly flees, especially since it estimates the risk of the effects of the ongoing prosecutor's investigation, which we will get to in a moment, following Columbus Energy's stock market announcements from last week.
Firstly, the management Columbusa took unprecedented steps in the history of the Polish capital market and on February 16, 2026, announced that the company had submitted an application to the Internal Security Agency (ABW) to provide the group with counterintelligence protection. The company claims that it was the target of a coordinated attackwhose intention is to take over and transfer strategic perovskite cell technology (developed by Saule) from Poland.
The management board of Columbus informed about an organized campaign of black PR, disinformation, as well as advanced hacker attacks (DDoS) on the company's IT infrastructure. The company provided the services with evidence of attempts to secretly offer the technology to foreign entities, bypassing Columbus as the main investor.
Most sensationally, Columbus suggested that the communication channels of Olga Malinkiewicz, the face of Polish science and creator of Saule, may have been taken over by third parties, and she herself may be under the influence of manipulation. According to the report of “Puls Biznesu”, the person concerned categorically denies this.
Suspected manipulation of the Columbus exchange rate
Thread Olga Malinkiewicz also appears in the next message Columbus issued on February 18, 2026. Columbus notified the Polish Financial Supervision Authority (PFSA) about the possibility of committing the crime of market manipulation by Olga Malinkiewicz. Management says that her publications on social mediaoften appearing just before the opening of the trading session, are intended to deliberately lower the share price.
According to Columbus, since mid-January 2026, false, accusatory and misleading content has been systematically published on Malinkiewicz's social media accounts, aimed at undermining trust in the company's bodies and its business model. The company suspects Olga Malinkiewicz of manipulation and unlawful dissemination of false information about the company.
The prosecutor deals with the “Clean air” case
A day later, on February 19, shareholders were hit with another message from Columbus, who received information that The District Prosecutor's Office in Łomża is investigating the above-mentioned case of misleading customers investing under the “Clean Air” program. Investigators are looking into forging signatures and submitting false documents in order to obtain subsidies.
The prosecutor's office has already combined dozens of proceedings from all over the country in this case. The company stated that any possible abuses are incidents caused by independent sales advisors. Columbus emphasizes that the phenomenon affects only 0.3 percent. all concluded contracts and does not pose a systemic risk for the entire company, and considers the media coverage of the case to be another element of the disinformation campaign against it.
In the background is the war over perovskites
Presented The events are part of a long-term dispute within Saule Technologies. Jacek Misztal, editor-in-chief of Bankier.pl, had already raised the alarm about the fact that things are not going well in the company developing perovskite technology. In his articles, among others: “Opening audit, controversial expenses and the prosecutor's office” and “We made a mistake, a very expensive mistake”) described growing tension between shareholders, including the founder of Saule and former president Olga Malinkiewicz and, among others, Columbus Energy, whose founder, president and one of the main shareholders is Dawid Zieliński.
A wider audience could learn about the scale of this conflict in Channel Zero. At the end of 2025, the main actors of this drama appeared with Krzysztof Stanowski: first Olga Malinkiewicz, presenting her perspective on the collapse of Saule's vision, and then Dawid Zieliński, who denied the allegations and presented Columbus as the party saving the project from collapse.
As you can see “The Perovskite War has become a total fight for survival, influence and money. For Columbus, listed on the stock exchange, after making multi-million write-offs regarding shares in Saule, this is another moment in which the stock is paying for unsuccessful investments, because this is how Olga Malinkiewicz's capital involvement in the company should be assessed in retrospect.
