A big announcement
The almost headlines
Chart of the week
In case you missed
~4.5 GW new data-center capacity; Oracle adds $317B to future contract value.
~$300B compute buy over ~5 years; footprint ~4.5 GW tied to OpenAI’s “Stargate.”
Oracle disclosed $317B in new future contract value and contracts with 3 customers.
Reports suggest deployments begin around 2027.
Capital to scale mission-critical relay/switch maker (est. 1946).
Growth resources from Oaktree; culture retained per management/family.
Company designs relays/switches for mission-critical uses since 1946.
Flywheel-battery “grid OS” aimed at AI data centers & utilities.
$200M to expand deployments and build GigaOne factory (>1 GW/quarter output).
Inertia-based hybrid delivers fast response, high uptime; recognized by TIME (2024).
Grid-edge/on-site focus; regulatory approvals (e.g., PacifiCorp DR) enable scale.
Build-own/partner options for large clean-H₂ projects.
Acquisition adds dev talent/sites; Generate to provide up to $400M for projects.
HYPRPlant (PEM) modular electrolyzers to lower LCOH; 300+ employees.
Deal closed May ’25; project capital deployment targeted 2026.
Turning shells into yields; Europe next.
Co-led by World Fund & Khosla; product Ash Tea boosts yields up to +30%.
Delhi, CA plant sold out through 2028; pilot ~80 t/yr serving ~80 acres.
>$150M sales pipeline; expansion to EU and new facilities.
New venture targets North American gas transmission & last-mile solutions.
Backed by EFM + management; led by Matt Ray & Robert Underwood (Aspen I founders).
Strategy aligned to LNG-driven gas super-cycle; HQ team includes CCO Stephen Reilly.
EFM manages >$9B in commitments.
Adds 6 MTPA; ~$6.7B, fully funded with no dilution; COD target 2H’30.
Full NTP to Bechtel; capacity under construction to ~24 MTPA.
Backed by 4.6 MTPA SPAs; financing: $3.85B term loan + $1.13B ND equity + $1.70B (GIP, TotalEnergies).
ND economic interest 40% → 60% post return hurdles.
Train 5: Q4’25 FID target (~$6.7B, 4.5 MTPA SPAs), 1H’31 completion; stake 50% → 70% post-hurdles.
Refocus + returns: debt down, buybacks up.
Post-deal downstream: 5 refineries, 472.8 kb/d capacity; close targeted Q3.
Proceeds to reduce net debt and increase repurchases (18.8M shares, $388M YTD Aug).
10M lbs buried; up to 5,000 tCO₂e credits by Q1’26.
20-yr FOB, Henry Hub–indexed offtake supports Q4’25 FID.
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