The sequence is deliberately staged and hedged: we booked an energy management system as first orders this quarter and a second in April; a stability block with a medium‑voltage UPS could see incremental orders in H2 2026 if things go our way; and a solid‑state transformer is slated for first delivery to an unnamed hyperscaler this fall, with six months of testing before any order, likely in H1 2027. We’re candid it doesn’t come at once, and most of the integrated offering remains ahead of us. Based on how we see things today, it’s just a start.
← stream@GEV solid @FLNC solid @CEG solid
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I'll tell you, that Smyrna plant changed hands March 31 — AESC sold majority to Fixx Energy, Longroad's subsidiary. We signed a new supply deal for the next few years, cells still qualify under the One Big Beautiful Bill Act. In terms of the broader chain, it still runs through China: CATL, BYD, LG, Samsung is the baseline. The domestic-content edge is real but conditional — prohibited-foreign-entity rules not final until December, filing flags it as a risk that can delay contracts. On CATL and BYD going vertical? Hasn't meaningfully changed market intensity.
Look, the forwards don't tell the whole story. Analysts flagged weakness in ERCOT and PJM forward prices even as our demand pipeline looked strong. We've argued the forwards undervalue 2028-2029 and beyond — the ERCOT load "isn't yet on the system, it's getting built." We've stayed well hedged and protected against near-term weakness. That's the merchant model: we carry price exposure but capture premium for clean, firm, reliable power under long-term contracts to our owners. The tunnel's real, but the light's visible.