Behind-the-Meter & On-site Power

Bloom Energy bought a 158,000-square-foot building in Fremont to expand production, almost matching its existing 164,000-square-foot plant there, and separately stands as a natural contender for a 20-year Ameren Missouri energy plan calling for 500 MW of natural-gas fuel cells by 2030, though Ameren has not named a supplier. The news lifted Bloom shares as much as 15% in a single session, a day after a 9% drop in a broader AI selloff, sending the stock to a three-month high. Bloom's revenue topped $1 billion for the first time last quarter, up 166% from a year earlier, and the company expects sales to roughly double this year while working to double yearly production capacity at Fremont from about 1 GW to 2 GW by the end of 2026. Each extra gigawatt costs about $100 million to $150 million, so going from 2 GW to 5 GW would cost roughly $300 million to $450 million, well within reach of Bloom's $2.72 billion in cash. The stock trades at a forward earnings multiple of about 135 times, with earnings forecast to skyrocket 256% this year, 82% in 2027, 58% in 2028, and 33% in 2029, and hedge funds holding Bloom rose from 91 in Q1 to 116 in Q2 while their stakes more than doubled from $4.5 billion to $10.8 billion.

Jim Cramer said Caterpillar Inc. may be a buying opportunity after the stock fell 24% in the third quarter, citing its growing role in supplying power for data centers. Caterpillar has secured substantial orders tied to data center electricity demand, including an agreement announced in January under which American Intelligence & Power ordered 2 gigawatts of natural gas generator sets for its Monarch Compute Campus, with deliveries scheduled from September 2026 through August 2027. The company's second-quarter sales and revenues rose 24% year-over-year to approximately $20.5 billion, with Power & Energy segment sales up 17%, Construction Industries up 35% and Resource Industries up 20%; adjusted profit per share increased to $8.17 from $4.72 and the adjusted operating margin expanded to 21.9% from 17.6%. Caterpillar also updated its outlook to approximately $2.2 billion in full-year tariff costs, excluding expected IEEPA tariff recoveries recorded in the second quarter. The stock trades at approximately 29x forward earnings versus 16x for Cummins Inc., and Insider Monkey's database of more than 1,000 hedge funds showed 84 funds holding Caterpillar in the second quarter, down from 87 in the first, with short interest at 2.03% of the public float.

Generac Holdings now expects low-30% Commercial and Industrial sales growth for 2026, up from its earlier mid-to-high-20% expectation, after second-quarter C&I sales jumped 29% year over year to $556.5 million on ramping data center revenues. C&I adjusted EBITDA margin expanded to 14.6% from 12.4% a year earlier, helped by tariff refunds and operating discipline. During the quarter, Generac generated more than $100 million in data center revenues and secured two multiyear supply agreements with hyperscale customers, the first including nearly $700 million in product commitments for 2027, while the second is in final negotiations for 2027 and 2028 deliveries. The company now expects nearly $450 million in 2026 data center revenues, above its prior forecast, though a rising C&I mix and tariff volatility could pressure margins, with 2026 gross margin expected near the low end of the prior 38.5-39.5% range excluding tariff refunds. Rivals Caterpillar, targeting $30 billion in services revenues by 2030, and Cummins, expanding its data center role through natural gas generation and microgrid solutions, remain competitive threats.

VoltaGrid announced the closing of equity investments previously announced on May 11, 2026, comprising a $775 million primary investment and an upsized secondary investment. The primary investment came from funds managed by Blackstone Tactical Opportunities and from Halliburton Company. The secondary investment from existing investors was upsized from $225 million to $800 million and was comprised of purchasers that included institutional and other investors. The secondary purchases provided liquidity to certain existing members of the Company and did not result in additional proceeds to the Company. The investments broaden VoltaGrid's long-term investor base as it scales its buildout of behind-the-meter power generation capacity for data center, microgrid and industrial customers across North America. J.P. Morgan Securities LLC, Barclays and TD Securities acted as placement agents, and Sidley Austin LLP served as legal advisor to VoltaGrid.

EquipmentShare.com Inc. announced a multi-year fleet agreement with Cummins Inc. to deploy up to 1 gigawatt of natural gas power generation capacity across major U.S. energy projects, centered on Cummins' C1400N6C lean-burn gas generator sets. The arrangement gives Cummins a rental and distribution partner focused on temporary power, microgrids, and battery storage solutions that can offer contractors energy cost reductions of 50% to 80% versus traditional mobile power. The deal adds another outlet for Cummins' natural gas generation and microgrid solutions, though the company's near-term swing factor remains whether it can avoid repeat EPS and EBITDA misses as incentives, tariffs and Accelera losses weigh on company-wide margins. Cummins' Q2 2026 update paired record Power Systems revenue of US$2.3b with a lower year-on-year EBITDA margin and trimmed Distribution guidance. Cummins' narrative projects $45.3 billion revenue and $5.7 billion earnings by 2029, requiring 9.2% yearly revenue growth and about a $3.0 billion earnings increase from $2.7 billion today, while some optimistic analysts had penciled in around US$50.5b of revenue and US$6.4b of earnings by 2029.

Wärtsilä, Schneider Electric and Stanley Consultants have launched a coordinated "Generator-to-Chip" approach aimed at helping U.S. data center developers and operators bring scalable power capacity online faster. The approach aligns onsite power generation, electrical infrastructure, automation, engineering and project execution from the outset, connecting the power pathway from generation and electrical distribution through to digital monitoring and the IT load, which the companies say reduces handoffs and improves coordination across critical interfaces. Wärtsilä supplies flexible, modular engine power plants for reliable onsite generation that can start rapidly and scale with data center demand, while Schneider Electric contributes the integrated electrical architecture, automation and digital power management, and Stanley Consultants provides technical and advisory services across the data center lifecycle, including engineering, permitting, design coordination, construction management, commissioning oversight and climate resilience expertise. The companies said the combined solution can accelerate project schedules compared with traditional, sequential delivery models, as lengthy grid interconnection timelines and delays in critical power infrastructure slow projects amid rapidly growing U.S. demand for new data center capacity driven by accelerating investment in AI. Risto Paldanius, Vice President, Americas, at Wärtsilä Energy, said power has become the schedule for many data center projects, and Melton Chang, Executive Vice President, Power Systems at Schneider Electric, said an AI Energy Park starts with the load and coordinates generation, electrical infrastructure, automation and digital technologies as one system.

FingerMotion, Inc. has entered into a definitive Share Purchase Agreement dated September 23, 2026 to acquire 100% of the issued and outstanding shares of Newbit Technology Inc. for US$2,300,000 in cash, exclusive of GST, on a cash-free, debt-free basis. Newbit holds the surface tenure, development and building permits, pipeline and metering infrastructure, environmental and Alberta Utilities Commission Rule 007 registration, and related rights tied to FingerMotion's previously disclosed 9.9 MW behind-the-meter site in the County of Newell, Alberta, known as Brooks Campus #1. The agreement restates and implements the binding memorandum of understanding dated September 8, 2026 and the binding commitment announced on September 10, 2026; a deposit of US$230,000 was previously paid and held in trust, a further US$230,000 is payable on execution, and the remaining approximately US$1,840,000 is payable in cash at closing, with no indemnity holdback or escrow. Closing is targeted for the third business day after satisfaction or waiver of conditions and in any event on or before the outside date of October 29, 2026, subject to conditions including a new gas supply agreement with Pivotal Energy Partners and Pivotal's written consent to the change of control. The Vendors have agreed to joint and several indemnities, with general representation claims subject to a US$125,000 deductible and a cap of US$460,000, while fundamental representations, title, tax, fraud and willful misconduct are uncapped.

Bloom Energy shares surged as much as 15% to a three-month high on Tuesday after fresh evidence the fuel-cell maker is preparing to increase production and a utility unveiled a large fuel-cell proposal. The City of Fremont, California, said in a LinkedIn post that Bloom acquired a 158,000-square-foot facility on Encyclopedia Circle to expand manufacturing operations, a site nearly as large as Bloom's existing 164,000-square-foot plant in Fremont. Bloom has been expanding annual production capacity at Fremont from about 1 gigawatt to 2 GW by the end of 2026, and has said its facilities could ultimately accommodate approximately 5 GW of annual capacity, with each additional gigawatt taking an estimated six to nine months to install and requiring about $100 million to $150 million of investment. Separately, Ameren Missouri on Monday unveiled a 20-year energy plan that includes the addition of 500 megawatts of natural-gas fuel cells by 2030, though Ameren has not selected Bloom as a supplier, making the proposal an opportunity rather than an order. Ameren said it has signed agreements to serve 2.8 GW of aggregate large-load demand by 2030, and Bloom said in August that its AI-infrastructure business included nearly two dozen customers representing about 250 MW of capacity.

Meta Platforms is planning a C$13 billion data center in Alberta, its first in Canada, a 1-gigawatt facility that could eventually scale to 1.8 gigawatts to support its growing AI operations. Capital Power will initially supply 250 megawatts, while Meta has a long-term agreement with Pembina Pipeline's planned natural gas-fired Greenlight Electricity Centre, expected to enter service in late 2030. Capital Power CEO Avik Dey told Reuters that several other prospective data-center developers are discussing electricity supply with the company, and he expects more U.S. hyperscalers to eventually build large facilities in Alberta, where more than 100 data-center projects have been proposed. Meta's second-quarter revenue rose 28% year over year to $60.8 billion, while advertising revenue grew 27%, but capital expenditures reached $31.08 billion in the quarter alone and the company now expects $130 billion to $145 billion of capex for 2026, leaving free cash flow at just $784 million versus $8.55 billion a year earlier. A Pembina Institute report cited by Reuters warned that letting data centers use Alberta's grid before their own generating capacity is operating could strain supply and raise consumer costs, and a July Angus Reid poll found 68% of Canadians would oppose a large data center near their home.

Fermi Inc. announced an operations and maintenance agreement with NAES Corporation, the largest independent operator of power plants in the United States, to run and maintain Fermi's natural gas turbine fleet at its Project Matador private-power campus in Carson County, Texas. Under the agreement, Fermi retains ownership of the assets and control of the facility while NAES serves as operator, performing operating and maintenance procedures, setting up the work management system, and preparing the plants for service. As Fermi's natural gas turbines come online, NAES will staff and operate the units, oversee the maintenance program, and handle site safety and environmental compliance. The deal also brings in the NAES Enterprise Reliability Program, which supplies operator training, asset risk reviews, maintenance planning, control reviews, and a live reliability dashboard. The agreement follows several recent milestones at Project Matador, including the selection of CBRE to operate and maintain the first data center, the arrival of the first Siemens Energy SGT6-5000F natural gas turbines, a binding lease agreement with first customer TensorWave, a build-own-operate-transfer strategic alliance with Hillcore Energy Capital Corporation for roughly 2.6 gigawatts of added power, and EPC agreements with Primoris Services Corporation and TSK. Fermi America is developing Project Matador with more than $1.5 billion invested in buildout to date, and subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW.

Atlas Energy Solutions' ProjectCo unit agreed to purchase 283 MW of Caterpillar natural gas generation equipment for AI-focused data center projects, supported by cost reimbursement deals with a frontier AI lab. The AI power agreements arrive after a volatile run for Atlas Energy Solutions, with the share price jumping 13.47% in the past day but still sitting below its recent peak after a 26.65% decline over 90 days and a 3-year total shareholder return that is down 37.59%. Atlas Energy Solutions is trading at $12.47 versus a most-followed fair value of $18.50, a 33% undervalued narrative. The launch of Atlas' Power business, following the Moser Energy Systems acquisition, offers a new, diversifying growth engine with exposure to fast-growing commercial, industrial, and technology sectors that are signing multi-year contracts beyond traditional oil and gas. Still, the Atlas Energy Solutions story depends on Permian demand and sand pricing holding up, and on a P/S of 1.5x the stock trades richer than the US Energy Services industry on 1.2x and above a fair ratio of 0.9x.

Generac Holdings has secured a long-term agreement to supply backup generators for Amazon data centers, with initial deliveries expected to total US$2.4b across 2027 and 2028. The company's shares have returned 47.51% year-to-date and 23.69% over one year, though the 90-day share price return has fallen 25.30%. Against a last close of $208.14, the most followed analyst narrative pegs fair value at $292.38, implying 29% undervaluation, while the stock trades at a P/E of 47.6x versus a US Electrical industry average of 35.2x and a close-peer average of 40.6x. Generac's rapid entry into the data center market and a backlog exceeding $150 million are cited as positioning it for revenue growth, with analyst price targets ranging from $215 to $375. Risks include pressure in residential solar, reliance on outage-driven generator demand, execution risk on new data center capacity, and tighter diesel regulations.

Caterpillar Inc. reported second-quarter sales and revenues of $20.5 billion, up 24% year over year, with adjusted profit per share jumping 73% to $8.17 and an order backlog of approximately $72.1 billion at the end of June, up 15% from the previous quarter. Within that backlog, $29.2 billion is not expected to be filled within the following 12 months, and the increase spanned all three primary segments, with Power & Energy recording the largest gain. Power & Energy revenue rose 33% year over year while power-generation sales climbed 72%, driven partly by demand for generator sets and turbines used in data centers, even as the Construction Industries segment grew sales to users by 22%. The stock trades at almost 25.25x forward earnings, nearly 38% above the sector median of 22.14x and more than 50% above its own five-year average of 20.28x, and Caterpillar expects approximately $600 million of tariff costs in the third quarter. As of Q2 2026, 84 hedge funds in Insider Monkey's database owned Caterpillar stock worth $20.9 billion, down from 87 funds in Q1 though up from $14.07 billion in total value.

Bloom Energy said Oracle remains committed to its roughly 2.4 GW fuel cell contract for the Project Jupiter AI data center despite issuing a force majeure notice tied to delays in the supporting natural gas pipeline. The notice had raised questions about timing and payment deferrals, but subsequent reassurances from Oracle, Bloom and analysts suggest the project's financial commitments and long-term role in AI power infrastructure are largely intact. Bloom's expanded US$25.0 billion financing framework with Brookfield stands out as it underpins a broader pipeline of AI infrastructure power projects beyond Oracle, supporting the company's raised 2026 revenue outlook and its planned capacity expansion to 2 GW. Bloom Energy's narrative projects $10.9 billion in revenue and $2.7 billion in earnings by 2029, requiring 51.6% yearly revenue growth and an earnings increase of about $2.5 billion from $244.9 million today, while some of the most optimistic analysts had assumed roughly US$17.8 billion in revenue and US$5.9 billion in earnings by 2029. The article was produced by Simply Wall St.

Wison New Energies unveiled a floating data center concept at the Gastech 2026 conference in Bangkok, pairing its Floating Storage Regasification to Power technology with modular data-center infrastructure on a single offshore platform. The Floating Power Data Center, or FPDC, stores and regasifies LNG onboard and converts it directly to electricity for onsite computing racks, and the company is examining whether cold energy released during regasification could help cool the servers. The concept responds to mounting constraints on land-based data centers in the U.S., including multi-year grid interconnection queues, water-cooling objections and scarce land near metro and fiber hubs, as well as political backlash such as Texas Governor Greg Abbott's August directive to pause the state's data center permitting process pending a review of water and energy usage. Wison's most recent proof point in offshore execution came this summer, when it signed the EPCIC contract for the Baleine Phase 3 FPSO serving Eni's offshore field in Côte d'Ivoire, a nearly 308-meter facility designed to process 90,000 barrels of oil a day. At Gastech, Wison also signed a collaboration agreement with Shell to integrate Shell's Dual Mixed Refrigerant liquefaction technology into its floating LNG portfolio, the first time the process will be available across the wider FLNG market, and a strategic memorandum of understanding with Houston-based KBR covering engineering, advisory services and integrated project solutions. Norway's DNV granted the world's first FLNG ABATE Notation FEED Approval for Wison's Low Emission FLNG, and the Houston-headquartered American Bureau of Shipping granted Approval in Principle for Wison's Floating Storage and Regasification Unit design for ammonia.

Atlas Energy Solutions Inc shares jumped 13% in premarket trading Friday after the company signed power equipment deals with a leading frontier AI lab for data center projects. Two wholly owned subsidiaries executed separate cost reimbursement agreements with the AI lab alongside equipment purchase agreements to secure long-lead-time supporting equipment and incremental power generation equipment for specific data center projects. The first cost reimbursement agreement covers balance-of-plant equipment, including emissions control systems, electrical distribution equipment, battery energy storage systems, and other supporting infrastructure to support deployment of Atlas' existing generator orders under its previously announced Global Framework Agreement with Caterpillar Inc. The second cost reimbursement agreement supports an incremental 283 megawatts of purchase commitments for Caterpillar power generation equipment to facilitate the initial power ramp of a separate data center project, in addition to Atlas's obligations under the GFA with Caterpillar. Atlas also executed a purchase agreement for 328 megawatts of generating capacity, consistent with its obligations under the GFA for 2027 deliveries. President and CEO John Turner said the customer's willingness to enter into cost reimbursement agreements is a clear sign of commitment to these projects as the companies work toward execution of long-term power purchase agreements.

Tran Capital Management's Midcap Equity Strategy highlighted Bloom Energy Corporation as a meaningful contributor to its second-quarter 2026 returns, citing the company's role in easing the power bottleneck constraining the AI buildout. In its investor letter, the firm said Bloom Energy's solid-oxide fuel cells deliver reliable on-site power in months rather than the years-long grid interconnection queues, and that the solution is now cost-competitive with gas generation. The letter pointed to a landmark agreement with Oracle for up to 2.8 gigawatts of fuel cell capacity, with an initial 1.2 gigawatts already contracted and deploying. Bloom Energy reported first-quarter 2026 revenue that more than doubled year-over-year and swung firmly to GAAP profitability, while management raised full-year guidance to roughly 80% growth at the midpoint. The Midcap Equity Strategy returned 16.9% net of fees in the second quarter, bringing year-to-date returns to 12.3%, compared with the Bloomberg U.S. Mid Cap Index's 11.1% quarterly gain and 12.1% year-to-date return. Bloom Energy closed at $275.19 per share on September 23, 2026, with a market capitalization of $81.05 billion and a 52-week range of $61.37 to $351.28.

UBS economist Jonathan Pingle said in a note on Thursday that the pickup in U.S. business investment and manufacturing is more dependent on the artificial intelligence boom than many investors realize. Pingle wrote that signs of broader growth have emerged this year, with the broadening theme most clearly visible in orders and shipments data, but much of that strength traces back to AI, describing the AI buildout as a rising tide lifting all boats. Traditional industrial firms are seeing more demand because of the AI buildout, with GE Vernova making gas turbines that power data centers and Caterpillar reporting strong generator sales, while demand has also spread to inputs such as steel, machinery, wiring and cable. UBS said this suggests the rest of the economy would be weaker without AI spending, and Pingle wrote that the expansion is more reliant on the AI and tech capex buildout than ever, with implications for growth, risks and monetary policy. He added that GDP growth, business investment and inventories are being broadly supported by the direct and indirect demand stemming from the AI buildout, calling the singular nature of the driving shock both unusual and exceptional at the moment.

Zacks Equity Research named Generac Holdings as its Bull of the Day and Build-A-Bear Workshop as its Bear of the Day, while also providing analysis on NVIDIA and Sandisk. Generac, a Zacks Rank #1 Strong Buy, reported second quarter adjusted earnings of $2.91 per share against a Zacks Consensus Estimate of $1.95, with revenue of $1.17 billion up 11%, and its Commercial & Industrial product sales jumped 29% to $556.5 million. The company's data center backlog has grown to about $1.6 billion after roughly $1 billion in new orders in 90 days, and on September 16 it disclosed a long-term supply agreement to provide backup generators for Amazon data centers with initial deliveries expected to total $2.4 billion across 2027 and 2028, alongside a warrant for up to 1.69 million shares at $200.93 per share. Build-A-Bear, a Zacks Rank #5 Strong Sell, posted second quarter earnings of 70 cents per share on revenue that dropped 7.2% to $115.3 million, missing the $122 million estimate, and cut its fiscal 2026 revenue forecast to $500 million to $525 million from $530 million to $550 million. The retailer also lowered pre-tax income guidance to $60 million to $68 million from $72 million to $78 million and slashed its Commercial segment outlook to roughly flat from growth of at least 20%.

Krungsri Securities stated that the direction for operating Data Centers in Thailand is progressing continuously, with the draft Digital Infrastructure Services Business Act B.E. ...., the main law establishing the regulatory framework for data center, cloud service, and digital platform businesses. It requires operators to obtain licenses from the Ministry of Digital Economy and Society and to post collateral. Meanwhile, large data centers that use electricity up to the threshold must secure their own electricity and water sources, are prohibited from competing for water from public water sources, must use clean energy according to the proportion set by the state, must be located in urban planning areas permitted for factory operations, must conduct EIA/EHIA, and are required to store personal data of Thai individuals and Thai juristic persons within the country as a primary requirement. On the progress of subordinate legislation, the DC Board approved preliminary criteria requiring data centers using electricity from 0.5 megawatts and above to formally register with the Ministry of Digital Economy and Society, and instructed three subcommittees on infrastructure, urban planning, and environment to expedite the drafting of minimum standards for completion within February 2026. Meanwhile, the Bangkok Metropolitan Administration and the Department of Public Works and Town and Country Planning are reviewing a new urban planning draft designating zoning for large data centers in industrial zones in purple areas on the outskirts of the city, and acknowledged progress on the TH-DC Dashboard system by BDI in collaboration with the Ministry of Digital Economy and Society to serve as a national central database. The research department assesses this progress as overall positive and views it as positive sentiment for Infra Tech theme stocks, namely industrial estate developers AMATA and WHA, contractors STECON, PYLON, and INSET, power companies GPSC, BGRIM, WHAUP, and GUNKUL, as well as banks KBANK, KTB, and BBL.

TeraWulf has locked in a 20-year Anthropic lease covering 401 MW at its Justified campus, with Kentucky regulators approving electric service for the site. The company reported US$31.9 million in second-quarter high-performance computing lease revenue and continued construction of 336 MW at Lake Mariner. The Kentucky Public Service Commission approval covers up to 482 MW of electric service, reinforcing that future capacity is increasingly pre-sold. Rothschild & Co Redburn recently initiated coverage on TeraWulf. The long-duration Anthropic agreement anchors TeraWulf's shift toward contracted AI and high-performance compute infrastructure, though capex guidance of US$10–12 million per MW and recent US$900.6 million equity raises underscore how capital intensive the transition will be.

Morgan Stanley has put a number on one of the AI boom's most awkward constraints: the United States could face a roughly 33-gigawatt power shortfall through 2028 even after accounting for onsite generation and other accelerated power solutions. The bank's September analysis points toward behind-the-meter generation and equipment suppliers as part of the bridge, with Bloom Energy Corporation able to place fuel-cell generation close to the load and GE Vernova Inc. selling the turbines and grid equipment needed to add large blocks of reliable power. Bloom's Q2 revenue topped $1 billion and management has guided to roughly $3.9 billion to $4.2 billion for the year, while GE Vernova's gas-turbine and electrification backlogs give it exposure to multi-year power investment rather than a single data-center technology. Hedge-fund ownership in GE Vernova fell to 106 funds in Q2 from 118 in Q1, and Insider Monkey counted 116 hedge funds holding Bloom in Q2 2026, up from 91 in Q1. A 33-gigawatt deficit is large enough for both approaches to work, but the better operating outcome will depend on whether AI campuses prioritize speed, long-run power cost, or both.

Ceres Power said it remains confident of signing a new manufacturing licensee this year as demand grows for on-site power generation, particularly from data centers facing long equipment and grid-connection lead times. Chief Executive Officer Phil Caldwell said existing licensees are advancing toward commercial production: Doosan Fuel Cell in South Korea secured its first export order, a contract to supply stacks to Germany's Reverion valued at about £60 million, while Delta Electronics is progressing initial production at its Tainan facility and has announced plans for a larger manufacturing site in the Guanyin District of Taiwan, and Weichai is targeting initial production later this year or early next year with an objective of reaching 200 megawatts of production capacity by the end of the following year. Chief Financial Officer Stuart Paynter said Ceres achieved about half of its £45 million contracted-revenue guidance in the first half and remains confident it can deliver the full target in the second half, while research and development costs fell to about £18 million in the first half of 2026 from about £25 million a year earlier. The company raised more than £100 million through an oversubscribed equity issuance during the first half and now has 350 to 370 employees across its Horsham and Redhill operations following a transformation program that began in the fourth quarter of 2025. Management reiterated its target of securing, on average, one new manufacturing license agreement every 12 months, and said royalties are currently not material but are expected to grow from next year and become more significant in 2028 and 2029 as partners reach larger production volumes.

US investment firm Stonepeak has announced an equity investment in AMPYR Distributed Energy, a distributed energy infrastructure company operating in the UK and across Europe. ADE, established in 2024 with AGP Group, develops, owns and operates on-site renewable energy assets for commercial and industrial users, and has to date contracted 250MW of renewable energy projects across 200 sites while managing a project pipeline exceeding 1GW. AGP will retain an interest in the company following Stonepeak's investment, which the firms said will give ADE additional resources and expertise to launch new projects and accelerate development in its markets. The transaction is expected to be completed within the next few days, with Ashurst Perkins Coie advising Stonepeak, Corrs Chambers Westgarth acting for AGP, and Stifel serving as ADE's sole financial advisor. Stonepeak, which manages approximately $93bn in assets, focuses on infrastructure and real assets investments, and the deal follows ADE's July 2026 raise of $194m, or €170m, in debt funding from Crédit Agricole CIB and Franklin Templeton's Benefit Street Partners.

Vertiv has agreed to acquire UtilityInnovation Group for $1.5 billion, adding behind-the-meter power systems and onsite generation to its data center portfolio. The deal follows Vertiv's acquisition of Thermal Labs, which strengthened its liquid cooling and cold-plate technology, as the company builds out power and cooling equipment for increasingly power-hungry AI racks. Vertiv's MegaMod HDX platform combines direct-to-chip liquid cooling with air cooling for dense AI systems. Rival Eaton is pursuing the same trend from a broader power management angle, having developed its own 800 VDC architecture for AI factories and a Beam Rubin DSX platform with Nvidia for end-to-end power and cooling. The comparison piece argues Vertiv offers a more direct bet on AI infrastructure, while Eaton spans a wider slice of the electrical distribution and grid chain.

Mitsubishi Electric Power Products, Inc. announced its new Chip-to-Grid Reference Designs, an integrated blueprint for AI factories built with NVIDIA Vera Rubin NVL72 and future next-generation NVIDIA AI infrastructure. The designs target hyperscale, neocloud, and colocation operators across North America, providing scalable architecture built around 250 MW deployment blocks that support expansion to gigawatt-scale campuses and enable rack densities to grow from approximately 200 kW today to more than 1 MW per rack. Each 250 MW deployment block can operate islanded, using on-site generation and battery energy storage with a pathway to future utility interconnection, or grid connected. The framework integrates utility interconnection, on-site generation, battery energy storage, electrical distribution, advanced cooling, and facility controls, and aligns with NVIDIA MGX rack-scale accelerated computing platforms and the NVIDIA Vera Rubin DSX AI Factory Reference Design infrastructure provisioning strategy. Tricia Breeger, President and CEO of MEPPI, said success depends on resilient energy systems and scalable infrastructure that can grow from today's deployments to tomorrow's gigawatt-scale campuses, while Vladimir Troy, Vice President of AI Infrastructure at NVIDIA, said the designs give operators a repeatable blueprint for deploying NVIDIA Vera Rubin infrastructure.

ProPetro Holding Corp.'s PROPWR business unit has signed new long-term contracts with a subsidiary of Targa Resources Corp. to commit approximately 230 megawatts of power generation capacity. With these additions, total capacity committed under contract for PROPWR now stands at approximately 510 MW, a figure that also reflects previously announced oil and gas power capacity no longer under contract. The recontracting lets PROPWR redeploy that capacity to Targa and free additional megawatts for potential data center deployments in 2027 and beyond. The behind-the-meter power will support Targa's continued investment in natural gas processing infrastructure in the Permian Basin, with full deployment expected in early 2028. ProPetro Chief Executive Officer Sam Sledge called Targa one of the premier midstream operators in the country and said the awards highlight PROPWR's ability to deliver dependable power at scale.

Alpha Compute has executed definitive real estate and asset purchase agreements to acquire over 300 acres of land and subsurface rights in Pennsylvania. The acquisition secures surface, mineral, and gas rights across the Utica and Marcellus shale formations, including over 75 existing wells, heavy equipment, and gathering infrastructure. Historical Halliburton estimated 10,000 barrels per acre of light Pennsylvania sweet crude oil across subsurface parcels, with modern geological reviews now underway to map reserve potential. Alpha Compute plans to build a new data center on the site modeled after its Northern Pennsylvania facility, complying with local zoning, regional grid standards, and Pennsylvania Department of Environmental Protection regulations. The company intends to establish municipal covenants to align with local development goals, create construction and operational jobs, modernize utility infrastructure, and ensure responsible well management under DEP oversight.